california department of business oversight

In 1909, California passed the Bank Act, creating the State Banking Department. įormation of State Banking Department (1909) and State Corporations Department (1913) It became the DFPI in 2020 with the passage of the California Consumer Financial Protection Law (CCFPL). The Department of Financial Protection and Innovation has a long history, dating back to the formation of California's first banking department.

Hewlett leads the department, which has offices in Sacramento, San Francisco, Los Angeles, and San Diego. Īs of December 6, 2021, Commissioner Clothilde V. The department also regulates the offer and sale of securities, franchises, and off-exchange commodities. Additionally, the department licenses and regulates a variety of financial businesses, including securities brokers and dealers, investment advisers, payday lenders, certain fiduciaries, and nonbank lenders. The DFPI protects California consumers and oversees the operations of state-licensed financial institutions, including banks, credit unions, debt collectors, nonbank mortgage lenders, student loan servicers, money transmitters, and others. The department operates under the California Business, Consumer Services and Housing Agency. The California Department of Financial Protection and Innovation (DFPI), formerly the Department of Business Oversight (DBO), regulates a variety of financial services, businesses, products, and professionals.

Business, Consumer Services and Housing Agency

California department of business oversight