Right Column

Department of Financial Institutions

California’s financial institutions are symbols of safety and soundness. Their role in business and industry is 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.