Department of Financial Institutions enters into a Settlement Agreement with Interpayment Services Limited
(San Francisco, CA) – California Department of Financial Institutions (DFI) Commissioner Michael A. Kelley announced today that he has entered into a Settlement Agreement with Interpayment Services Limited (“ISL”), a licensed issuer of travelers checks. ISL received a license from DFI on March 25, 1991, to engage in business as an issuer of travelers checks pursuant to Financial Code Chapter 14A (Section 1851).
DFI and ISL mutually agreed to enter into the Settlement Agreement (“Agreement”) in recognition of their common goals to ensure safety and soundness and compliance with applicable laws, rules and regulations.
The Agreement was based on an investigation by DFI’s Examinations and Legal Divisions. ISL has paid $150,000 to the Department, and the Commissioner has agreed to release ISL from any liability resulting from alleged violations of the California Financial Code related to failure to file financial reports prepared in accordance with United States generally accepted accounting principles.
DFI supervises over 700 financial institutions with assets totaling over $290 billion. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and transmitters of money abroad. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Governor Arnold Schwarzenegger.