On September 15, the DPFI issued a press release announcing it had seized Irvine-based Nano Banc and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver after the bank failed to comply with an enforcement order related to its deteriorating financial condition. California took this action to protect consumers and maintain confidence in the banking system. The FDIC accepted a bid from Sunwest Bank (Sandy, Utah) to assume all deposits, including all uninsured deposits, and a substantial portion of Nano Banc’s assets.

Updates to Corporate Securities Law of 1968 for Broker-Dealers and Investment Advisers

On August 28, 2026, the Office of Administrative Law (OAL) approved the DFPI’s regulation updates to Corporate Securities Law of 1968 for broker-dealers and investment advisers (PRO 05/17 - BDIA Regulations).

Effective October 1, 2026, broker-dealers and investment advisers operating in California must comply with the revised application forms and notices, filing procedures, and bookkeeping requirements. They must also not engage in activities that fail to promote fair, equitable, and ethical principles identified in Section 260.238.

According to California Code of Regulations, title 10, section 1040, each registrant under the California Consumer Financial Protection Law (CCFPL) is required to pay its annual registration and Nationwide Multistate Licensing System and Registry (NMLS) renewal fees by December 31, 2026. Read more.

Escrow agents are required to submit to the Commissioner an annual report prepared by an independent certified public accountant (CPA) (Financial Code section 17406) within 105 days after the close of their fiscal year. The annual report must include audited financial statements and required supplemental information. If your fiscal year ended on June 30, 2026, your annual report is due October 13, 2026. View more.

According to the California Debt Collection Licensing Act (DCLA), the 2026-2027 annual assessment fee was invoiced through the Nationwide Multistate Licensing System (NMLS) on September 30, 2026. Once the invoice was generated in NMLS, licensees should have received an email notification directly from the NMLS. The annual assessment fee is due within 30 days of receipt of the invoice and must be paid through NMLS.

According to California Financial Code section 100020, failure to pay the annual assessment fee by January 1, 2027, will result in a penalty and the licensee will be subject to suspension or revocation. 

If you have any questions or concerns regarding the annual assessment, please contact the Debt Collection Licensing Act team by email at DCLA.Inquiries@dfpi.ca.gov or by phone at (866) 275-2677.

In light of recent legislative changes, the DFPI has revised the Debt Collector Unlawful Activity Alert concerning service of process. The revised alert can be found here.

Every month, the DFPI outreach team educates consumers through community events and a monthly webinar.

Protect Yourself from Social Media Scams Webinar

Nov. 4, 1-2 p.m.

From fake investment schemes and cloned accounts to fraudulent shopping ads, scammers use social media platforms to exploit your trust in an effort to steal your hard-earned money. Join this webinar to learn how to recognize social media scams and secure your profiles. Register today.