Credit Unions

California’s financial institutions are symbols of safety and soundness. Their role in business and industry are important to the economy and to our own personal well-being. Maintaining the integrity of financial services remains our primary mission as the industry continues to grow.

The Office of Credit Union of DFPI licenses and regulates state-chartered credit unions. The Office of Credit Union is charged with the execution of the laws of this state relating to credit unions or the credit union business. As a result, the Office of Credit Union conducts periodic examinations of all California state licensed credit unions. The Office of Credit Union also reviews applications for certificates to act as a credit union, and issues those certificates when all qualifications for such have been met.

Statutory definition of credit union (FC 14002): A Credit Union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, a credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.

How to reach us:

CU Annual Audit Reports
CUAnnual.AuditReports@dfpi.ca.gov
for CPA and Supervisory Committee audit reports
CU Exam Responses
CUExam.Responses@dfpi.ca.gov
for exam responses and response updates
CU 5300 Call Reports 
CU5300.CallReports@dfpi.ca.gov
for 5300 related questions or inquiries

Announcements

• 7/13/22 – The California Department of Financial Protection and Innovation (DFPI) is soliciting applications to fill a second vacant position on the Credit Union Advisory Committee for the 2022-2024 term. The first position became vacant in April. If you have already filed an application to serve on the Advisory Committee, DFPI will announce the candidates selected to fill both vacant positions after approval of both candidates.

  The Credit Union Advisory Committee was created pursuant to California Financial Code section 14380 et seq. to “advise the Commissioner and the Deputy Commissioner of Financial Institutions for the Division of Credit Unions on matters relating to credit unions or the credit union business”. The Advisory Committee meets at least once per calendar quarter, typically via a virtual meeting.

  California Financial Code section 14382 provides the following:

  • Seven members
  • Term is two years and a member may be reappointed.
  • No compensation, reimbursement for expenses, or other payment from the state in connection with service on the committee.

  DFPI strives to have broad representation on the committee and typically considers the following priorities when making recommendations for appointment to this position:

  • Geographic representation.
  • Small, Mid-Size, and Large credit unions.
  • Fields of membership.
  • Leadership in industry related state and national associations.
  • Diverse backgrounds and experience.

  If you are interested in serving on the Advisory Committee for the 2022-2024 term, please submit an email or letter by July 22, 2022, expressing your interest and summarizing your qualifications for service. Please include:

  • background
  • areas of expertise
  • details and challenges you face in your own credit union such as size, region, field of membership
  • whether your credit union has private or federal insurance
  • experience with hot issues in the current public policy environment, including serving unbanked consumers and consumers of color, pandemic financial challenges, financing affordable housing, and community reinvestment.

  For further information or if you have questions. please contact Joni Kimbrell, Chief Examiner at Joni.Kimbrell@dfpi.ca.gov.

Publication and Forms

• Directory of State Chartered Credit Unions
• Credit Union Forms / Credit Union 5300 Call Reports
• Credit Union Statistics

Laws and Regulations

• California Code of Regulations – Credit Union
• California Financial Code Reference – Credit Union
• Credit Union Advisory Committee
• Actions, Orders and Administrative Hearing Decisions
• Opinions
• Income from Fees on Nonsufficient Funds and Overdraft Charges

Tools and Resources

• Advantages of a State Charter
• Credit Union Assessment Calculator

Credit Union Forms

Notice to Individual – Use of Information

• DFPI 301 – Summary of Merger Approval Process – Credit Unions (PDF)
• DFPI 310 – Sample Form of Application – Credit Unions (PDF)
• DFPI 320 – Plan of Merger – Credit Unions (PDF)
• DFPI 330 – Sample Form of Notice of Merger – Credit Unions (PDF)
• DFPI 340 – Sample Form of Officers’ Certificate Regarding Giving of Notice – Credit Unions (PDF)
• DFPI 350 – Sample Form of Certificate of Merger of Surviving Credit Union (PDF)
• DFPI 360 – Sample Form of Certificate of Merger of Disappearing Credit Union (PDF)
• DFPI 380 – Credit Union Official – Questionnaire (PDF)
• DFPI 390 – Application for Approval to Form a Credit Union (PDF)
• DFPI 391 – Organizing a State Credit Union Information Booklet (PDF)
• DFPI 550 – Emergency Contact Person Information (PDF) 

Credit Union 5300 Call Reports

• Submit your Credit Union 5300 Call Reports

Translations

• Translated Residential Mortgage Loan Forms and Pre-Foreclosure Notices