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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 remains our primary mission as the industry continues to grow.
Assets for California's state-chartered financial institutions continue to grow. From 2007 to year-end 2008 assets rose from $332 billion to $353 billion. In 2006, assets for our financial institution licensees grew from $290 billion to $316 billion.
In 2008, state-chartered bank assets grew from $224 billion to $243 billion. Assets for state-chartered credit unions also continue to grow. In 2008, state credit union assets grew from $71 billion to $73 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.
Resources
ALERTS, WARNINGS & OTHER IMPORTANT INFORMATION
- State Offices Closed for Furlough Fridays - Beginning July 10, 2009, State government offices will be closed three days a month.
- DFI Issues Warning Notice - First Star Credit Union/First Star Lending Services
DFI PRESS RELEASES
- State Closes Mirae Bank
- Information for Mirae Bank Customers - Q&A Guide from the FDIC
- State Closes MetroPacific Bank
- Information for MetroPacific Bank Customers - Q&A Guide from the FDIC
- State Closes First Bank of Beverly Hills
- Information for First Bank of Beverly Hills Customers - Q&A Guide from the FDIC
HOT TOPICS
- California Foreclosure Prevention Act - The California Foreclosure Prevention Act modifies the foreclosure process to provide additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program.
- DFI 100th Anniversary Web Page - The Department of Financial Institutions is commemorating its 100-year anniversary, July 1, 1909 - July 1, 2009, with a special Web page. You are invited to send us photos, stories, graphics, etc. for our special Web page.
- DFI Consumer Brochures now available in English, Spanish, Chinese/Cantonese/Mandarin, Korean, Russian, Tagalog and Vietnamese - Read and learn about: Who regulates my financial institution? How do I file a complaint? Tips for financial transactions and information on sending money to other countries.
- DFI Consumer Outreach Events - Find events including foreclosure prevention workshops.
- 8 Tips for Financial Success - A solid grounding in fiscal responsibility is basic self-defense. Taking the time to learn and practice saving and budgeting, managing credit — controlling our personal finances rather than vice versa — will pay off in the long term. The following tips are reminders of how we can control our finances and improve our financial success. (CCEE, Dept. of Corporations, Dept. of Financial Institutions)
- Bank on California Program - Helping More Californians Open Bank Accounts
- Teach Children to Save and the Million Child Challenge - This year the ABA Education Foundation is calling on bankers to accept the Million Child Challenge and reach 1 million students with savings lesson on Teach Children to Save Day and throughout the year. Reaching this goal would double last year's impact when bankers taught 540,000 students. April 21, 2009 marked the launch of the Million Child Challenge.
- FDIC Announces Web Site to Assist Bank Depositors Determine Insurance Standing - "Is My Account Fully Insured?"
- An Important Message from the President's Advisory Council on Financial Literacy - Tips to Managing Your Money in Challenging Times (Adobe PDF)
- FREE credit card literacy program, ABC's of Credit Card Finance - 2008 Fall Semester/2009 Spring Semester - High school seniors heading to college have valuable financial lessons to learn before they go -- DFI and the Center for Student Credit Card Education (CSCCE) want to make sure they are prepared. Student primers and teacher guide available now (supplies are limited).
- HUD and Fair Housing Group Partner to Fight Foreclosures and Discrimination to create a national media campaign that informs consumers about alternatives to foreclosure, how to avoid predatory loan terms and how to recognize and report rental discrimination.
HIGHLIGHTS
- FDIC Consumer News Spring 2009 Buyer Beware: How to Protect Yourself from Foreclosure Frauds, Easy Money Schemes and Other Costly Deals
- Assets for Independence Now Accepting Grant Applications! - The Federal Assets for Independence (AFI) Program is offering grant funds for asset-building programs nationwide that provide low-income individuals and families with tools they need for long-term economic success. Learn more, register for a webinar.
- A Borrower's Guide to an FDIC Insured Bank Failure - FDIC Announces Expansion of Ombudsman's Office to Assist Customers With Loans at Failed Banks. Also Provides Additional Resources to Help Borrowers Understand Bank Failures.
- California Unclaimed Property Program - Spring 2009 Holder Outreach Newsletter (Adobe PDF)
- School-Based Bank Savings Programs:Bringing Financial Education to Students (OCC Insights, April 2009) Adobe PDF
- Converting Basic Financial Services Fees into Prosperity - An Untapped Opportunity for Consumers and Banks (Pew Charitable Trusts, Dec. 2008)
- FDIC Brochure: Beware of Foreclosure Rescue Scams - If It's Too Good to be True, It Probably Is. - To protect yourself from opportunity hunters and frauds: Contact your lender or mortgage loan servicer and try to negotiate a payment plan. Work with reputable non-profit housing or financial counselors. Report suspicious activity or unsolicited offers. Read more. (Adobe PDF)
- First National Survey of Banks' Efforts to Serve the Unbanked and Underbanked - Banks Offer Products and Services for the Unbanked and Underbanked; Opportunities for Improvement Remain (FDIC, February 5, 2009)
- Money Smart News Winter 2009 - Resources on How and Why to Save Money; Federal Programs Promoting Economic Recovery Via Financial Education; FDIC Publication Helps Consumers Understand Changes in Deposit Insurance Coverage; New Spanish-Language Web Site Helps Depositors Understand Their Money Is Federally Insured.
- The Financial Crisis: A Timeline of Events and Policy Actions (FRB, St. Louis) - Outlines events in financial markets from February 2007 to the present.
- Tips and resources to help consumers avoid becoming victimized by foreclosure scams (FRB, March 2009)
- Tips to Help Consumers Manage Their Money in Good Times and Bad - Timely Strategies in a Difficult Economy (FDIC March, 2009) - The Federal Deposit Insurance Corporation issued tips to help consumers spend less, save more, protect against fraud and borrow wisely at any time, but especially during a difficult economy. The advice was published as a special edition of the FDIC Consumer News (the Winter 2008/2009 issue) entitled "Managing Your Money in Good Times and Bad."
