Magazine article American Banker

California Bankers Group Head Sees Interstate Banking Law Soon

Magazine article American Banker

California Bankers Group Head Sees Interstate Banking Law Soon

Article excerpt

California Bankers Group Head Sees Interstate Banking Law Soon

Mark E. Buchman, the new president of the California Bankers Association, could win a Federal Reserve Board look-alike contest.

Mr. Buchman is sometimes mistaken for Fed Chairman Paul A. Volcker. But he is the executive vice president in charge of the institutional markets division at Union Bank, Los Angeles. He began his one-year term as president of the bankers' group last Tuesday at the conclusion of the association's 95th annual convention here.

Mr. Buchman, 48, succeeded James H. Gray, the chairman of Harbor Bank, Long Beach, Calif.

In his new post Mr. Buchman will play a key role in shepherding the interstate banking bill currently before the California State Legislature. The measure would open California in 1987 to regional interstate banking on a reciprocal basis and in 1990 to full interstate banking.

"We understand that by the end of this year, 36 states will have interstate banking legislation on their books,' said Mr. Buchman, a native of Caldwell, N.J., who now lives in the Los Angeles suburb of Brentwood with his wife and two daughters.

Mr. Buchman, like his predecessor, Mr. Gray, predicted that California lawmakers will approve the measure soon despite opposition from the state's thrift industry.

They noted that the bill has the support of legislative leaders of both parties as well as Gov. George Deukmejian.

Mr. Buchman, like many of the more than 500 bankers attending the meeting here amid the gaudy pleasures of Lake Tahoe casinos, is anxious to get the interstate banking issue behind him. He and his colleagues want lawmakers to grant them new powers.

"I think it's important for the industry to develop expanded products and services,' explained Mr. Buchman, puffing on a pipe, who cited expanded insurance powers as an example. California bankers want to be able to sell an array of insurance products to their customers.

California Bankers Association officials recently held talks with state independent insurance agents, who were not "turned off' by the overtures, Mr. Gray told the executives here.

"But it's not a done deal,' he said.

Among other speakers at the convention, L. William Seidman, the chairman of the Federal Deposit Insurance Corp. …

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