California State Senate Confirms Teveia R. Barnes as Commissioner of Department of Financial Institutions

SACRAMENTO, CA (March 14, 2013) – The California State Senate voted on Monday to confirm the appointment of Teveia R. Barnes as Commissioner of the California Department of Financial Institutions.

“I look forward to promoting the safety and integrity of state banks, credit unions and other financial service companies in California,” said Teveia R. Barnes, Commissioner of Financial Institutions. “Everyone needs safe and affordable places to save money and access financial services. The Department will continue to protect and serve California citizens through effective regulation and supervision of licensed financial institutions.”

As Commissioner of Financial Institutions, Barnes has jurisdiction over state banks, credit unions, industrial banks, trust companies, offices of foreign banks, money transmitters, and premium finance companies. Barnes will seek to preserve the integrity of California’s financial system and maintain the public’s trust and confidence by promoting the safety and soundness of state-chartered depository institutions and financial services companies. In addition, Barnes will continue to protect consumers by enforcing applicable state and federal laws and regulations and supervising enterprise risk management. She will also continue working with the Department’s licensees to combat elder financial abuse.

Barnes will encourage more banks and credit unions to participate in Bank On California, a volunteer initiative to expand financial services for people in California. Over forty financial institutions are now participating in the Bank On California program. Half of the participating financial institutions are state-chartered banks and credit unions licensed and supervised by DFI. Barnes supports the expansion and implementation of new Bank On cities and counties throughout the state.

“DFI will continue to encourage more banks and credit unions to participate in Bank On California to expand financial services to more people in California,” said Commissioner Barnes.

Before her appointment as Commissioner of Financial Institutions, Barnes was a partner at Foley and Lardner LLP and has more than 35 years of finance and regulatory experience representing banks, other financial institutions, and not-for-profit companies. Barnes has been president and executive director at Lawyers For One America since 1999. She was executive director and general counsel at the Bar Association of San Francisco from 2001 to 2003. Barnes worked at the Bank of America National Trust and Savings Association from 1986 to 1999 in multiple positions, including associate general counsel and senior vice president. She served on the boards of directors for the U.S. Bank Advisory Board of Northern California and On Lok, Inc. She earned a Juris Doctorate from New York University School of Law and received a BA degree in Economics, Political Science and German Studies from Rice University, where she was an Arthur B. Cohn Scholar.

About Department of Financial Institutions – The DFI oversees the secure operation of California’s state-chartered financial institutions, including banks, credit unions and money transmitters. California’s financial institutions are symbols of safety and soundness. Protecting and serving California’s citizens through effective regulation and supervision remains the primary mission of the DFI.

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