December 2024 DFPI Bulletin: Updates and News from California Government
If you think you’ve been treated unfairly or dishonestly by a financial service provider, there’s something you can do about it—submit a complaint to the DFPI. We’re here to help make sure businesses in the financial sector grow responsibly and ethically. Learn more about our mission and how we oversee and enforce laws to protect Californians and promote fair business practices.
In the latest Monthly Bulletin for December 2024, there are several important updates that might interest you. First, Commissioner Clothilde V. Hewlett, who has faithfully served the DFPI for over three years, announced her retirement. Her dedication to public service and consumer protection have made a real impact, so make sure to read her full announcement on our website.
Additionally, there are new state laws that could affect DFPI licensees. Check out the details of the 22 new bills that might have an impact. One key law delays the implementation of the Digital Financial Assets Law and another deals with franchise investments.
Starting in the new year, there will be an adjustment in exam rates for certain programs, ensuring that costs are appropriately covered. Programs like mortgage bankers, finance lenders, and student loan servicers will all see new hourly exam rates to reflect the actual costs of our work. If you have questions about these changes, don’t hesitate to get in touch with the relevant program.
For banks, foreign banks, trust companies, and industrial banks, the assessment rate for the year ahead has been set. Invoices with the new rates have been sent out via email, with payment due in 30 days. Don’t hesitate to reach out with any questions about how these assessments are calculated or how to process payments.
Expect a special assessment invoice if you’re a licensee under the Escrow Law, coming in mid-January 2025. The special assessment, authorized under Financial Code section 17207, is due within 60 days of receipt. Stay informed about these updates and more by reading the December 2024 Monthly Bulletin.