Right Column

Who Regulates My Financial Institution?

It is sometimes difficult for the consumer to determine the correct regulatory agency over his or her financial institution, especially when the consumer has a complaint against the institution and needs an answer now. However, we urge you to take a moment to look up which regulator has authority over your financial institution. It could save you a lot of time down the road.

FINANCIAL INSTITUTIONS REGULATED BY THE DEPARTMENT OF FINANCIAL INSTITUTIONS (DFI)

DFI is the regulator for California state-licensed banks, state-licensed credit unions, state-licensed trust companies, state-licensed industrial loan companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders) and money transmitters. DFI can only help you with questions and complaints regarding financial institutions that we regulate. For questions and complaints about other types of financial institutions, please contact the appropriate regulatory agency.

FINANCIAL INSTITUTIONS REGULATED BY OTHER AGENCIES

BANKS, SAVINGS AND LOANS/SAVINGS BANKS AND CREDIT UNIONS

National banks: distinguished by the words “national” or “national association” or the initials “N.A.” Examples: Bank of America, N.A., City National Bank, Wachovia Bank, N.A., Wells Fargo Bank, N.A. Regulator: Office of the Comptroller of the Currency. Note: check your official bank documents, checks, loan documents, deposit agreement, etc. National banks sometimes omit the words “national association” or the initials “N.A.” in their advertising.

Other state banks: There are some state-licensed banks headquartered in other states that have branch offices in California. Examples: Banco Popular North America, Comerica Bank and Umpqua Bank. Click here for a list of other state banks doing business in California and the state regulator that licenses and regulates them.

Federal savings banks/savings and loan associations: distinguished by the words “federal” or “federal association”, or “federal savings bank” or “federal savings and loan association or the initials “F.A.” or “F.S.B.” or “F.S.L.A.” Examples: Washington Mutual, IndyMac Bank, F.S.B. Regulator: Office of Thrift Supervision. Note: check your official bank documents, checks, loan documents, deposit agreement, etc. Federal savings banks and federal savings and loan associations sometimes omit the words "federal savings bank” or the initials “F.A.” or “F.S.B.” or “F.S.L.A.” in their advertising.

Federal credit unions: distinguished by the words “federal” or the initials “F.C.U.” Examples: Orange County Teachers Federal Credit Union, Mission Federal Credit Union. Regulator: National Credit Union Administration. Note: check your official documents, checks, loan documents, deposit agreement, etc. for the exact legal title if you are unsure. Federal credit unions sometimes omit the word “federal credit union” or the initials “F.C.U.” in their advertising.

OTHER TYPES OF FINANCIAL SERVICE PROVIDERS NOT LICENSED BY DFI

Bill payers: The Department of Corporations licenses bill payers, check sellers, and proraters, including consumer credit counselors.

Escrow agents: The Department of Corporations licenses escrow agents.

Finance companies: The Department of Corporations licenses finance companies.

Mortgage lenders and brokers: The Department of Corporations licenses mortgage companies. The Department of Real Estate licenses mortgage brokers and certain other mortgage lenders.

Payday lenders: The Department of Corporations licenses payday lenders.

Securities dealers: The Department of Corporations licenses securities professionals, such as securities brokers and agents, investment advisers, and financial planners.