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For the full version of this newsletter, visit our website.
Report a Cybersecurity Incident
To support timely and effective responses to cybersecurity threats, the DFPI now encourages licensees to promptly report certain cyber incidents. Early detection and reporting are critical to reducing harm and strengthening security. Learn when and how to report a cyber incident, and access our new reporting form. |
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 New Regional Deputy Commissioner of Northern California, Banking
Matthew Fujikawa has been promoted to Regional Deputy Commissioner of Northern California, Banking, effective July 1. In this new role, he will oversee a team of Financial Institutions Managers, Portfolio Managers, and Examinations Managers who supervise, manage, and examine a portfolio of commercial banks, foreign banks, and trust companies.
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New Regional Deputy Commissioner of Orange County/San Diego, Banking
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Emil Mikhail has been promoted to Regional Deputy Commissioner of Orange County/San Diego, effective August 11. In his new role he will have administrative and supervisory responsibility for a portfolio of licensees, which include commercial and industrial banks and their holding companies, trust companies and departments, and offices of foreign banks, located in the Orange County and San Diego region. |
In Preparation for Upcoming 2025-2026 Debt Collection Annual Assessments
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The Debt Collection Licensing Program will be conducting its first Assessment, for the fiscal year 2025-2026. On or before September 30, 2025, the Program will invoice each licensee its annual fee, due by January 1, 2026.
DFPI’s review of the 2024 Annual Reports indicates that many licensees are reporting Net Proceeds that the Department believes contain calculation errors (including some reporting no Net Proceeds). On our website, find a list of common errors and instructions to resubmit the annual report. Read more.
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Broker-Dealer Agent and Investment Adviser Representative Fee Announcement
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On July 1, 2025, the California Legislature passed Assembly Bill No. 137 authorizing the Department of Financial Protection and Innovation to charge $50 for initial and renewal registration fees for Broker-Dealer Agents (“Agent”) and Investment Adviser Representatives (“IAR”). The fee increase is effective immediately. Read more. |
New Requirement for Financial Institutions with Attorney Client Trust Accounts
On September 12, 2024, Governor Gavin Newsom signed into law AB 3279, which imposes certain requirements on financial institutions starting in January 2026 relating to client trust accounts, including both Interest on Lawyers’ Trust Accounts (“IOLTA”) and non-IOLTA trust accounts, maintained by a licensee of the State Bar of California. These requirements are found in Business & Professions Code section 6091.3. Read more. |
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PRO 05-17 – Notice of Proposed Rulemaking – Corporate Securities Law of 1968
The Commissioner proposes to amend California Code of Regulations, title 10, sections 260.210, 260.216.7, 260.218.4, 260.230, 260.230.1, 260.231, 260.238, and 260.241. The proposed action would revise certain forms and notices; add to the list of activities that do not promote “fair, equitable or ethical principles”; clarify books and records requirements for broker-dealers; and revise procedures for filing documents directly with the Commissioner. The Commissioner will consider all comments, objections, and recommendations regarding the proposed action. Comments are due by September 1, 2025. Read more.
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California Residential Mortgage Lending Act (CRMLA) Annual Assessment Increase
Following the Governor’s signing of AB 137 on June 30, 2025, on or before the 30th day of September of each year, the DFPI will assess each licensee the cost and expenses reasonably incurred in the administration of CRMLA. The amount of increased assessment is $3,000 with no lending activity and $15,000 for each licensee's lending, broker lending, and servicing activity as reported on the annual report for the previous calendar year. Read more. |
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Some Escrow Annual Reports Due August 13
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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. Annual reports are due August 13, 2025. Read more. |
Applications for the Credit Union Advisory Committee
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DFPI is soliciting applications to fill positions on its Credit Union Advisory Committee for the 2025-2027 term. Applications are due by September 19, 2025.
The Committee advises the Commissioner of the Department of Financial Protection and Innovation and Deputy Commissioner for the Office of Credit Unions on matters relating to credit unions or the credit union business. Read more.
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Every month we educate consumers through community events and a monthly webinar.
Scam Chat Wednesday: Preventing Identity Theft Webinar
August 13, 12–1 p.m.
Scammers don’t take a break—and neither do we. AARP California and the DFPI invite you to join us for Scam Chat Wednesdays 2025, our annual August series where speakers unravel today’s most dangerous cons, one week at a time.
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In July, several financial institutions underwent regulatory activity in California. See the links below for more information.
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