California Department of Business Oversight
Volume 2, Number 4 – October 2014
California Drought Update:
Uptick in Water Conservation Efforts
Statewide water consumption in August fell by 11.5 percent compared to the same month in 2013 as water conservation efforts in California’s urban communities continued their upward trend, according to the Oct. 8 retail water supplier report by the State Water Resources Control Board.
The August statewide water saving rate increased substantially from 7.5 percent in July and 4 percent in June.
The report also found that 81 percent of the water agencies reporting have instituted outdoor water use restrictions.
DBO urges its licensees to conserve water and encourage their customers to do the same.
The Governor has called on all Californians to reduce their water use by 20 percent and prevent water waste. Visit Save our Water.com to find out how to do your part, and visit Drought.CA.Gov to learn more about how California is dealing with the drought’s effects.
Financial Services Information Sharing and Analysis Center (FS-ISAC)
The Federal Financial Institutions Examination Council (FFIEC), an interagency policymaking body comprised of federal regulators, on Nov. 3 released observations from the recent cybersecurity assessment and recommended regulated financial institutions participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC).
During the summer of 2014, FFIEC members piloted a cybersecurity assessment at more than 500 community institutions to evaluate the institutions’ programs to reduce cybersecurity risks. The assessment supplemented regularly-scheduled exams and built on key supervisory expectations contained in existing FFIEC information technology handbooks and other regulatory guidance. The “FFIEC Cybersecurity Assessment General Observations” provides themes from the assessment and suggests questions that chief executive officers and boards of directors should consider when assessing their institutions’ cybersecurity preparedness. The document can be found here: http://www.ffiec.gov/press/PDF/FFIEC_Cybersecurity_Assessment_Observations.pdf
The FS-ISAC is a nonprofit, information-sharing forum established by financial services market participants to help public and private sector entities share physical and cybersecurity threat and vulnerability information.
Commercial Bank Activity
Sierra Interim Bank
(In connection with the merger of Santa Clara Valley Bank, N.A., Santa Paula, with and into Bank of the Sierra, Porterville
Acquisition of Control
Alan Chi, to acquire control of California Pacific Bank
North Valley Bank, Redding, to merge with and into Tri Counties Bank, Chico
Santa Clara Valley Bank, N.A., Santa Paula, to merge with and into Bank of the Sierra, Porterville
Credit Union Activity
South Western Federal Credit Union, La Habra, to merge with and into Credit Union of Southern California, Brea
Westside Employees Federal Credit Union, Santa Monica, to merge with and into, Southland Credit Union, Los Alamitos
Conversion to State Charter
Glendale Area Schools Federal Credit Union, Glendale, to convert to a state-chartered credit union under the name Glendale Area Schools Credit Union
Premium Finance Company Activity
New Premium Finance Company
Premium Hub, Inc.
660 Newport Center Drive, Newport Beach, Orange County
Foreign (Other State) Bank Activity
American Stock Transfer & Trust Company, LLC
One Embarcadero Center, City and County of San Francisco (Facility – Uninsured Trust Company)
Money Transmitter Activity
License Issued: 9/3/14
Voluntary Surrender of License
Intelispend Prepaid Solutions, LLC
Bulletin for Month ended October 2014, issued pursuant to Financial Code section 376.
The Monthly Bulletin is available without charge via e-mail. To subscribe, go to: https://dfpi.ca.gov/Resources/subscription.asp
1515 K Street, Suite 200
One Sansome Street, Suite 600
320 West 4th Street, Suite 750
1350 Front Street, Room 2034
45 Fremont Street, Suite 1700
300 S. Spring Street, Suite 15513
7575 Metropolitan Drive, Suite 108
Department of Business Oversight Consumer Services Office – 1(866) 275-2677