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Department of Financial Institutions
California’s financial institutions are symbols of safety and soundness. Their role in business and industry are important to the economy and to our own personal well-being. Maintaining the integrity of financial services through safety and soundness examinations remains our primary mission as the industry continues to grow. During 2006, assets for our financial institution licensees grew from $290 billion to $315 billion. In 2007, assets for state financial institutions rose to $331 billion.
The Department of Financial Institutions (DFI) oversees the secure operation of approximately 700 state-licensed financial institutions, including about 200 state banks and 200 state credit unions (see DFI Financial Institutions Overview).
DFI is responsible for administering state laws regulating: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), money transmitters and premium finance companies. The Department also administers the Local Agency Security program, which ensures that public deposits in California financial institutions that exceed the federal deposit insurance limit are secured by pledged assets.
The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
HOT TOPICS
- California Financial Literacy Month
- Consumer Outreach Events Calendar
- HOUSE STEALING - The Latest Scam on the Block (FBI)
- Governor Schwarzenegger Announces Additional Help for Homeowners Facing Foreclosure
HIGHLIGHTS
- Foreclosure Counseling Services available from CalHFA through Rural Community Assistance Corporation (RCAC) - HUD approved local counseling agencies throughout the state of California
- Building Assets, Building Relationships: Bank Strategies for Encouraging Lower-Income Households to Save (FDIC, March 2008)
- FDIC Highlights Financial Education Efforts as Part of Observance of National Consumer Protection Week (FDIC, March 2008)
- The FDIC at 75: How It Protects Consumers and How Consumers Can Protect Themselves (FDIC, February 2008)
- Subprime Spillover: Foreclosures Cost Neighbors $223 Billion; 44.5 Million Homes Lose $5,000 on Average (Center for Responsible Lending, November 2007)
- The Portfolios and Wealth of Low-Income Homeowners and Renters: Findings from an Evaluation of Self-Help Ventures Fund’s Community Advantage Program (FRBSF, October 2007)
- Analysis of Subprime Mortgage Servicing Performance by State Foreclosure Prevention Working Group (CSBS, February 2008) (Adobe PDF)