Welcome to the California Department of Financial Institutions

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BTH and DFI Logo

Chart of DFI and BTH History

The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.

The Business, Transportation and Housing Agency includes 14 departments and several economic development programs and commissions consisting of more than 44,000 employees and a budget of $20 billion, a budget larger than that of almost half the states in the nation. The Agency's portfolio is one of the largest and most diverse in the State of California. Its operations address myriad issues that directly impact the state's economic vitality and quality of life including transportation, public safety, affordable housing, international trade, financial services, tourism, and managed health care.

 

 

Date

Historical
Event

Description

Other Related Information

1857

Origin of Banking Charters

Banking enterprises in California began to be granted charters under the General Corporation Laws.

 

1878

Conception of the Board of Bank Commissioners

A three person Board of Banking Commissioners was created.

This event marks the advent of banking supervision in the state of California.

1909

Origin of State Banking Department

The California Banking Act of 1909 created the State Banking Department with a Superintendent of Banks appointed by the Governor to a term of four years.

Increased regulatory oversight of banking activities beyond the Board of Banking Commissioners to include more adequate and sufficient chartering and examination practices.

1911

Change to term of office for Superintendent of Banks

The California Banking Act of 1909 was amended to provide that the Superintendent of Banks hold office "at the pleasure of the Governor."

DFI Commissioners are appointed by the Governor of California.

1929

Creation of the Department of Investment

The Department of Investment was created and was to include the State Banking Department among others.

The State Banking Department remained autonomous despite the change to the law, but the Superintendent of Banks became a member of the Board of Investment and served a chairman in a regular rotation.

1949

Revision of The California Banking Act of 1909

Complete revision of the California Banking Act.

 

1951

Codification of the California Banking Act of 1909 revisions

1949 revisions were codified as Division 1 of the Financial Code

Created Division I of the Financial Code.

1969

Department joined Business and Transportation Agency

The Department of Investment ceased operations.  Jurisdiction over the State Banking Department was transferred to the Business and Transportation Agency.

 

1980

Agency renamed

Business and Transportation Agency renamed to Business, Transportation, & Housing Agency.

Government Code § 13975

1997

Conversion to the DFI

The State Banking Department was converted to the DFI.

Combined the responsibility for the safety and soundness of California's depository institutions under one roof.  Responsibility expanded to include state-chartered credit unions, industrial loan companies, commercial banks, savings and loan association, and trust companies in addition to those financial institutions previously regulated by the State Banking Department.