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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.
HOT TOPICS
- DFI Consumer Outreach Events - Find events including foreclosure prevention workshops.
- FDIC Technical Briefing of Temporary Liquidity Guarantee Program, October 14, 2008, an audio file is available under What's New on the FDIC Webpage
- FDIC Guidance on Temporary Increase in Deposit Insurance Coverage (October 3, 2008)
- Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor
- FDIC Rolls out Deposit Insurance Awareness Campaign - Personal Finance Expert Suze Orman Featured in PSAs
- FDIC Announces Web Site to Assist Bank Depositors Determine Insurance Standing - "Is My Account Fully Insured?"
- Governor Schwarzenegger Applauds the President and Congress for Permanently Raising Federal Home Loan Limits
- Governor Schwarzenegger Launches Community Stabilization Home Loan Program to Help Communities Hard-Hit by Foreclosures
- Governor Launches Program to Help Communities Hard-Hit by Foreclosures
- Governor Schwarzenegger Signs Legislation to Help Protect Homeowners from Foreclosure
- ABC's of Credit Card Finance - 2008 Fall 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're prepared.
- Go Direct: Financial Institution Webinar Invitation: The U.S. Treasury invites you to take part in a free informational webinar specifically for financial institutions to learn abot Direct Express® Debit MasterCard.
HIGHLIGHTS
- Partnership for Progress - Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment.
- U.S. Treasury Department and OECD Host International Conference on Financial Education in Nation's Capital (Operation Hope, May 2008)
- Community Investments newsletter (FRB) - Spring 2008 Issue - This issue highlights the San Francisco Fed's role in community development efforts taking place in the 12th District, including programs to help bank the unbanked, prevent foreclosures, and provide mortgage credit in Indian Country.
- Foreclosure Counseling Services available from CalHFA through Rural Community Assistance Corporation (RCAC) - HUD approved local counseling agencies throughout the state of California
- Building Assets, Building Relationships: Bank Strategies for Encouraging Lower-Income Households to Save (FDIC, March 2008)
- FDIC Highlights Financial Education Efforts as Part of Observance of National Consumer Protection Week (FDIC, March 2008)
- The FDIC at 75: How It Protects Consumers and How Consumers Can Protect Themselves (FDIC, February 2008)
- Subprime Spillover: Foreclosures Cost Neighbors $223 Billion; 44.5 Million Homes Lose $5,000 on Average (Center for Responsible Lending, November 2007)
- The Portfolios and Wealth of Low-Income Homeowners and Renters: Findings from an Evaluation of Self-Help Ventures Fund’s Community Advantage Program (FRBSF, October 2007)
- Analysis of Subprime Mortgage Servicing Performance by State Foreclosure Prevention Working Group (CSBS, February 2008) (Adobe PDF)