Category: Announcements

Why is the CMA raising money?  The CMA is raising money to file an Amicus Brief in the Ninth Circuit Court of Appeals on a key issue impacting its members and their clients. What is the issue?  In the case of In Re Moon,...

Mortgage Lending Holden Act Reports Due March 31 Mortgage lending licensees must file their Residential Mortgage Loan Report for calendar year 2022 (Holden Act Report) no later than March 31. The Holden Act Report must be filed...

Purvi Patel Appointed as Deputy Commissioner for Credit Unions On Feb. 2, Purvi Patel, of Oakland, was appointed by Governor Newsom to be Deputy Commissioner for Credit Unions at the California Department of Financial Protection...

Some Escrow Reports Due Jan. 13 Escrow agents are required to submit to the Commissioner an annual report prepared by an independent certified public accountant or an independent public accountant (Financial Code section 17406)...

The CMA previously updated its members on the negative impact of the California Court of Appeals decision in the Honchariw case. In that decision, the Court of Appeals held that a lender could not charge default interest on...

New State Laws That May Affect DFPI Licensees Highlights of 2022 Chaptered Legislation, a compendium of new state laws that may affect or be of interest to DFPI licensees, is now available on the Department’s website. The...

The California Court of Appeals recently published an opinion holding prohibiting charging default interest on the entire unpaid principal balance following a monthly payment default. As you all know, default interest is...

Broker-Dealer/Investment Adviser Renewals Due Dec. 12 A reminder that 2023 registration renewal statements and fees for the Broker Dealer/Investment Adviser (BDIA) program are due by Dec. 12, 2022. All registered firms may view...

From the Desk of the CMA’s General Counsel, Robert Finlay: Default interest is a hot button for borrowers, lenders and the courts. Most courts inherently do not like default interest because they see it as an improper...

DFPI Takes Actions On Crypto Asset Accounts and Businesses On Sept. 27, the DFPI announced that it issued desist and refrain orders against 11 different entities for violations of California securities laws. Each of...

DFPI’s Commissioner Hewlett Unanimously Confirmed by California State Senate The Department of Financial Protection and Innovation’s Commissioner Clothilde V. Hewlett appeared for her Senate Rules Committee confirmation hearing...

J. Elizabeth Smith Appointed as Deputy Commissioner of Communications Governor Newsom announced on July 27 the appointment of J. Elizabeth Smith as Deputy Commissioner of Communications for the DFPI. She will officially join the...