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For the full version of this newsletter, visit our website.
We entered into a consent order with Seattle-based Coinme, Inc. (Coinme), a crypto kiosk operator, for non-compliance with the state’s Digital Financial Assets Law (DFAL). Read more.
DFPI Secures Over $68,500 in Consumer Refunds from Carbon Credit Dealer
We have reached an agreement with Texas-based Restitution Brands LLC (operating as Terrapass) stemming from the sale of carbon credits to California consumers who were not informed that the company took a significant portion of their carbon credit purchase in hidden markups. Read more.
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Banks, Foreign Banks, Industrial Banks, and Trust Companies
The 2025-26 assessment rate was set at $2.08 per $1,000 of assets, unchanged from last year’s rate.
The 2025-26 assessment rate was set at $1.02 per $1,000 of assets, an increase of $0.02 from last year’s rate of $1.00.
The 2025-26 assessment rate was set at $0.015 per $1,000 received for transmission by a licensee in calendar year 2023, unchanged from last year’s rate.
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The Commissioner of the Department of Financial Protection and Innovation proposes to amend California Code of Regulations, Title 10, Sections 80.4119 and 80.5200.1. The proposed action would amend the officer certification requirement for money transmission receipts. The Commissioner will consider all comments, objections, and recommendations regarding the proposed action. Comments are due by July 15, 2025. Read more.
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Join the Escrow Advisory Committee
The Escrow Advisory Committee currently has an open position for a representative of small-sized escrow companies. In addition, three more positions will become available after August 2025. Qualified individuals are encouraged to apply by submitting a letter of qualification and a resume. The submission deadline is July 10, 2025. Read more.
Joint DFPI & DRE Bulletin: Unlawful Commission Disbursements in Real Estate Transactions
The DFPI and the Department of Real Estate (DRE) are jointly alerting licensees and industry participants of improper commission disbursement practices. For more information, go to our Escrow page to view a copy of the joint bulletin.
Some Escrow Annual Reports Due July 15
Escrow agents are required to submit to the Commissioner an annual report prepared by an independent certified public accountant (Financial Code section 17406) within 105 days after the close of the escrow agent’s fiscal year. The annual report includes audited financial statements and required supplemental information.
If your fiscal year ended on March 31, 2025, your annual report is due July 15, 2025. Read more.
Escrow Assessment Increase
The annual escrow assessment has increased from $2,800 to $7,215 following the Governor’s signing of AB 137 on June 30, 2025. Licensees are reminded to budget accordingly for the next annual assessment.
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At the end of each quarter, the Commissioner of the Department of Financial Protection and Innovation (DFPI) requires trust companies, state-chartered banks with trust powers and foreign other state banks, national banks and federal savings banks doing a trust business in this state to submit Call Reports. Instructions for submitting the Call Report are detailed below.
The second quarter call report as of June 30, 2025, is due July 31, 2025. Read more.
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Prepaid or “Pay-As-You-Go” Tuition Payment Options Do Not Require Registration
On June 9, 2025, the DFPI issued a notice to providers of postsecondary education approved by the Bureau for Private Postsecondary Education (BPPE). The notice included clarification that tuition-only payment plans, including those that do not charge interest or finance charges, meet the definition of education financing, and require registration under the California Consumer Financial Protection Law (CCFPL). Read more.
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Applications for the CalAssist Mortgage Fund are now open. This relief is available to low- to middle-income families whose homes were destroyed or left uninhabitable by a disaster such as the LA wildfires.
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Each month we educate consumers through community events and a monthly webinar.
Learn about the many ways criminals steal personal information and the steps you can take to safeguard your identity. Topics include common tactics, best practices for online security, how to monitor your credit, and how to recover if you become a victim. DFPI hosts in partnership with Asm. Cottie Petrie-Norris (AD73).
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In June, several financial institutions underwent regulatory activity in California. See the links below for more information.
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