Monthly Bulletin Volume 01 Issue 05

Commissioner of Business Oversight Seal


Monthly Bulletin

Volume 01, Issue 05 – November 2013

DBO Sacramento Offices to Consolidate December 9

Effective December 9, 2013, the Sacramento office of the Department of Business Oversight will be located at 1515 K Street, Suite 200, Sacramento, CA 95814-4052. Department staff formerly located at 1810 13th Street have been relocated to the K Street office. Please send all future correspondence intended for Sacramento staff to the K Street office.

Commissioner Order on Designated Emails

The DBO is committed to improving the timeliness and effectiveness of communications with licensees and, to that end, Commissioner Owen issued the Order on Electronic Communications (PDF), dated November 22, 2013, directing licensees to designate a single standard email address for Department communications.

The purpose of this Order is to create rapid, direct communication to a dedicated email account for DBO licensed businesses to receive vital and time sensitive information, such as Commissioner’s Orders, consumer complaint filings, bulletins, surveys and other pertinent information.

The Order requires that the email account be monitored daily by members of the licensee executive staff to ensure prompt attention is paid to electronic communications from the Commissioner and the DBO. The Order requires that the email account be established by each licensee on or before January 4, 2014

Registration of designated email addresses are to be done through the DBO’s online secure portal.  Licensees can access the portal and register an email using the login information provided in the November 25/26, 2013 letter from the Commissioner. Additional information regarding the online registration of a designated email address can be found on the DBO website.

Licensees of the DBO’s Division of Financial Institutions that have previously established a designated electronic mailbox pursuant to the Order on Electronic Communications dated July 15, 2010 are not required to modify their electronic mailbox address, but are required to maintain their electronic mailbox that was designated in compliance with the July 15, 2010 Order and must update their electronic mail security settings as necessary to ensure messages from the DBO are received.
Mortgage Loan Originators licensed by the DBO will have the email they register with NMLS automatically designated for communications with the Department.

If you have questions regarding compliance with this Order, please contact

The California Legal Lending Limit Applies to the Credit Exposure of Derivative Transactions

Obligations as defined in the California Financial Code (“FC”) §1480 include the credit exposure of derivative transactions.  Accordingly, that credit exposure must fall within the legal limit set forth in FC §1481.  For purposes of determining compliance with FC §1481, the Department implemented regulations on November 19, 2013, that adopt the measurement methods set forth in the Code of Federal Regulations, Title 12, Chapter I, Part 32, §32.9(b) (“CFR §32.9(b)”). 

California state chartered banks that engage in derivative transactions must calculate the credit exposure to a counterparty arising from a derivative transaction by one of the methods provided in CFR §32.9(b) for purposes of determining the bank’s compliance with FC §1481.  Furthermore, banks must continue to follow prudent risk management practices for derivative transactions. 

If you have any questions, please contact Chief Bank Examiner Scott D. Cameron at (916) 322-5962 or by e-mail at

Banks Must Submit Lists of Offices by December 31

Pursuant to Financial Code section 1077, all commercial banks, industrial banks and trust companies are required to file a list of all offices that are currently maintained and operated by the bank. The report shall designate the type of each office that is being maintained and operated, and the complete address of each office.  Please note:  This requirement does not apply to other licensee types, e.g., credit unions, money transmitters, etc.

For the purposes of section 1077, please provide to the Department of Business Oversight (DFI) the following information on or before Tuesday, December 31, 2013:

  • Name of bank
  • Popular name of branch offices and facilities
  • Office type (include the head office, branch and facility locations; do not include free-standing ATM facilities)
  • Street address
  • City
  • State
  • Country
  • ZIP

Responses may be made by email to or by postal mail to Department of Financial Institutions, 45 Fremont Street, #1700, San Francisco, CA 94105-2219 Attn:  Strategic Support Section.

For questions please contact Patrick Carroll at or call (415) 263-8559.

Premium Finance Company Assessment

In accordance with Financial Code Sections 18350, 18351, and 18352, the Commissioner of Business Oversight has assessed all California insurance premium finance companies in order to fund the operations of the Department of Business Oversight in administering the laws relating to insurance premium finance companies.  Invoices for the assessment were mailed on November 25, 2013.  The assessment must be paid in full by December 20, 2013.

For the purposes of this assessment, the base rate is set at 0.008946027 percent of each insurance premium finance company’s total assets. The amount of the assessment on each insurance premium finance company is calculated in accordance with Financial Code Sections 18350 and 18351.  The minimum amount for any institution is $250.  For purposes of calculating the assessment, the total assets of each insurance premium finance company have been determined as of December 31, 2012.

If you have any payment questions about your assessment, please contact Mbiye Tshiunza in the Accounting Section.  His phone number is (916) 322-5974 and his email address is or contact premium finance company manager Patrick Lum His phone number is (916) 323-7013 and his email address is

Commercial Bank Activity


Bank of Marin, Novato, requests DBO’s approval to merge with Bank of Alameda, Alameda
Effected: 11/29/13

East West Bank, Pasadena, California, requests DBO’s approval to merge with Metro United Bank, San Diego, California, and MetroBank, National Association, Houston, Texas
Approved: 11/19/13

Independence Bank, Newport Beach, requests DBO’s approval to merge with Premier Service Bank, Riverside
Filed: 11/13/13

Pacific Western Bank, Los Angeles, requests DBO’s approval to merge with CapitalSource Bank, Los Angeles
Filed: 9/12/13

Wilshire Bank, Los Angeles, requests DBO’s approval to merge with Saehan Bank, Los Angeles
Effected: 11/20/13

Credit Union Activity

New Credit Union

Abundant Living Credit Union
9269 Utica Avenue, Rancho Cucamonga, San Bernardino County
Abandoned: 8/30/13


Financial Partners Credit Union, Downey, requests DBO’s approval to merge with CarePoint Federal Credit Union, Anaheim
Filed: 7/1/13
Approved: 11/1/3
Effected: 11/1/13

Sierra Central Credit Union, Yuba City, requests DBO’s approval to merge with 49er Federal Credit Union, Placerville
Filed: 11/14/13

Bylaw Amendment

Two credit unions received approval from the DFI for two bylaw amendments during October 2013.

Foreign (Other State) Bank Activity

New Office Application

Dorsey & Whitney Trust Company LLC
305 Lytton Avenue, Palo Alto, Santa Clara County County (Facility – Uninsured Trust Company)
Approved: 11/25/13

Money Transmitter Activity

Acquisition of Control

ACI Worldwide, Inc., requests DFI’s approval to acquire control of Official Payments Corporation
Filed: 11/14/13

Commissioner of Business Oversight

Bulletin for Month ended November 2013, issued pursuant to Financial Code section 376

The Monthly Bulletin is available without charge via e-mail. To subscribe, go to:

1515 K Street, Suite 200
Sacramento, CA  95814-4052
(916) 445-2705

One Sansome Street, Suite 600
San Francisco, CA 94104-4428
(415) 972-8565

320 West 4th Street, Suite 750
Los Angeles, CA  90013-2344
(213) 576-7500

1350 Front Street, Room 2034
San Diego, CA  92101-3697
(619) 525-4233

1810 13th Street
Sacramento, CA 95811
(916) 322-5966

45 Fremont Street, Suite 1700
San Francisco, CA 94105
(415) 263-8500

300 S. Spring Street, Suite 15513
Los Angeles, CA 90013
(213) 897-2085

7575 Metropolitan Drive, Suite 108
San Diego, CA 92108
(619) 682-7227

Department of Business Oversight Consumer Services Office – 1(866) 275-2677

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Last updated: Aug 6, 2019 @ 11:58 am