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| California - Department of Financial Institutions |
The Department of Financial Institutions is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, and offices of foreign banks, issuers of traveler’s checks and payment instruments (money orders), and transmitters of money abroad.
The Department’s programs are supported by assessment of licensees, license and application fees and charges for various other services.
Mission
“To ensure the integrity and stability of California's financial services system through the regulation and supervision of state licensed financial institutions”.
Vision
“To advance the California State financial services system through efficient and fair regulation that engenders public confidence and trust. We will use training and technology to maintain and enhance a professional staff that is responsive and adaptable to the changing environment in which we operate so that we are the preeminent financial services regulators in the United States”.
Values
- Highly skilled, professional, and diverse workforce.
- Value and promote open and honest communication.
- Value the variety of financial services available to the citizens of California.
- Value the dual chartering system.
- Value the ability to regulate and supervise licensees in the most appropriate manner.
- Value the ability to deliver quality services with integrity and professionalism.
- Value teamwork.
Use the following link to access the California state banking department’s website.
http://www.dfi.ca.gov/.
Locations and Contact Information
The Department of Financial Institutions has four offices. The hours of operation are Monday through Friday, 8:00 a.m. to 5:00 p.m., excluding state holidays:
111 Pine Street, Suite 1100, San Francisco, CA 94111-5613
Tel: (415) 263-8500
Fax: (415) 989-5310
300 S. Spring Street, Suite 15513, Los Angeles, CA 90013-1204
Tel: (213) 897-2085
Fax: (213) 897-8860
1810 13th Street, Sacramento, CA 95814
Tel: (916) 322-5966
Fax: (916) 445-7643
7575 Metropolitan Drive, Suite 108, San Diego, CA 92108
Tel: (619) 682-7227
Fax: (619) 682-7217
Complaints
To file a consumer complaint, please follow the link attached below to determine the appropriate regulator. If the institution is listed on the database, the department of financial institutions is the regulator and you will Continue to Consumer Services and complete the Complaint Form. If the institution is regulated by another regulator (i.e., national bank), you will be directed to follow a connecting link to the correct regulator for that financial institution so that you may ask a question or file your complaint.
http://www.dfi.ca.gov/consumer/.
Institutions Supervised
Banking departments generally have directories or listings of the financial institutions that they supervise. Use the attached link to access the listings for the California Department of Financial Institutions.
http://www.dfi.ca.gov/about/.
Laws and Regulations
Primarily the Department is charged with administering the laws and regulations which apply to its licensees. Those laws are generally separated into divisions of the Financial Code which apply to each specific type of financial institution. The Commissioner has also promulgated regulations to supplement those laws. Both the Financial Code and the Regulations of the Commissioner of Financial Institutions may be accessed through the links provided on this page
http://www.dfi.ca.gov/lawsreg/.
Mortgage Brokers
Mortgage brokers in California are regulated by the Department of Real Estate, DRE.
Mission Statement
“To protect the public in real estate transactions and provide related services to the real estate industry”.
Role
Use the attached like to find out more about the role and the registration process required in California for mortgage brokers
http://www.dre.cahwnet.gov/.
Complaints
To file a complaint use the following link
http://www.dre.cahwnet.gov/complnts.htm.
History
The California Legislature enacted the nation's first real estate license law in 1917. Providing for the licensing and regulation of real estate licensees, this law continues to serve as a model for similar legislation in many other states. The California Department of Real Estate (DRE) continues to enjoy a nationwide reputation as a leader in real estate licensing and regulation.
Operations
The revenue necessary to operate the DRE is derived from fees charged for real estate licenses, subdivision public reports, and various other permits issued by the Department. Employees operating from District Offices in five cities (Sacramento, Fresno, Los Angeles, Oakland, and San Diego) carry out the Department's responsibilities as mandated by the Real Estate Law and the Subdivided Lands Law.
The Commissioner and the Real Estate Advisory Commission
The Real Estate Commissioner is appointed by the Governor, and serves as the chief executive of the Department of Real Estate.
The Commissioner appoints a Real Estate Advisory Commission comprised of ten members: six California real estate brokers and four public members. The Advisory Commission, presided over by the Commissioner, meets and consults on policies of the Department at public meetings held at least four times a year. The Commission also helps to determine how the people of the State of California may best be served by the DRE, while at the same time recognizing the needs of the industry it regulates.
The Commissioner's Role
To facilitate the administration and enforcement of the Real Estate Law and the Subdivided Lands Law, the Commissioner is empowered by law to issue regulations. Known as the Regulations of the Real Estate Commissioner, these have the force and effect of law.
In enforcing the provisions of the Real Estate Law, the Commissioner has the authority, if supported by the evidence obtained, to hold formal hearings to decide issues involving a licensee or a license applicant. Such hearings may result in the suspension, revocation or denial of a real estate license. The Commissioner also has the authority to issue Desist and Refrain Orders to stop activities which are in violation of the Real Estate Law or the Subdivided Lands Law.
It is the Commissioner's responsibility to enforce these laws in a manner which achieves maximum protection for real estate consumers. In administering the laws and regulations, the Commissioner exercises her judgment impartially, with fairness to both the consumer and the industry.
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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Mortgage Companies