California Department of Financial Institutions Urges Licensees to Assist Customers Affected by San Bruno Emergency

Sep 10, 2010

(San Francisco, CA) – The California Department of Financial Institutions (DFI) urges financial institutions to review their lending policies in order to grant appropriate latitude to existing customers affected by the San Bruno emergency and to expedite the extension of new credit to finance cleanup or rebuilding.

William S. Haraf, Commissioner of Financial institutions also authorized banks located in San Bruno or other areas declared to be in a state of emergency by the Governor to close any offices affected by the emergency.

Pursuant to California Financial Code Section 3600, the “Bank Extraordinary Situation Closing Act,” Commissioner Haraf authorizes areas declared to be in a state of emergency to close any or all of their offices.

Customers of closed banks have access to funds through the ATM network, Internet and telephone banking.

Maintaining the integrity of financial services remains the primary mission of the DFI.  The DFI oversees the secure operation of California’s state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.

The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.