Monthly Bulletin October 2025

LICENSEE ACTIVITY

Bank Activity

New Bank

TriCoast Bank
Proposed location: Street address to be determined in the city of Torrance, and a facility in the community of Encino
Correspondent: James B. Jones
Carpenter & Company, 23 Corporate Plaza Drive, Suite 150, Newport Beach, CA 92660
Phone: 714-742-3315
Filed: 9/17/25

Merger

HomeStreet Bank, Seattle, Washington, to merge with and into Mechanics Bank, Walnut Creek, California
Effected: 9/02/25

Credit Union Activity

Conversion

Credit Union of Southern California, to convert to federal charter
Filed: 9/02/25

Change of Name

First Imperial Credit Union, to change its name to Corazo Credit Union
Effected: 9/08/25

Trust Company Activity

New Trust Company

Parallel Trust Company of California
9201 Wilshire Boulevard, Beverly Hills
Opened: 9/22/25

Money Transmitter Activity

New Money Transmitter

Kabayan Capital (USA) LLC
Filed: 8/13/25

United Service Center LLC
Withdrawn: 9/03/25

Acquisition of Control

Global Payments Inc. to acquire control of RealNet Payments LLC
Filed: 9/16/25

Voluntary Surrender of License

Moneydart Global Services, Inc.
Effected: 9/05/25

DFPI News

DFPI wins Silver Award for Best Government Website at the w3 Awards

We’re so proud! This recognition reflects our ongoing commitment to making our site more accessible, informative, and user-friendly, and we’re not done yet. We continue to make improvements every day.

Explore our site: dfpi.ca.gov.

New Domestic Violence Survivor Resource Hub

We’ve developed a new webpage with financial protection resources for survivors, guidance for financial institutions, and legal and reporting tools to help prevent financial abuse.

Imposter Posing as DFPI in Email Phishing Scam

We posted a Consumer Alert on our website concerning an imposter email scam appearing to be from the DFPI Enforcement team. Learn more about display name spoofing, a tactic used by phishers to make messages look like they’re coming from a trusted source.

Juno Desist and Refrain Order

We served a Desist and Refrain Order against Juno, a fintech company, after the Commissioner found that the company marketed accounts as FDIC-insured then subsequently transferred consumer funds to non-FDIC insured accounts without adequate notice to consumers.

Financial Scams & Fraud Hearing

On Sep. 25, DFPI’s Chief Deputy Commissioner Suzanne Martindale (seated far right) testified at a Public Hearing on Financial Scams & Fraud, describing how we champion consumer rights and protect California consumers and investors in the marketplace.

Billable Exam Fee Increase to $120 per Hour Began July 1, 2025

On June 30, 2025, Governor Gavin Newsom signed Chapter 20, Statutes of 2025 (AB 137) allowing the Commissioner to set a standardized billable exam rate of $120 per hour across all DFPI programs, adjusting the exam rate from the prior $75 per hour rate. As of July 1, 2025, all Department billable exam rates are set at $120 per hour.

Report a Cybersecurity Incident Form

As cybersecurity incidents become increasingly sophisticated and frequent, early detection and prompt notification are critical for effective response and containment measures. To help licensees promptly report cybersecurity incidents to the DFPI, we have created a short online Cybersecurity Incident Report Form, which is available here.

The form provides an early alert to the DFPI and does not require a licensee to provide a detailed incident assessment. DFPI encourages licensees who experience or have reason to believe they have experienced a cybersecurity incident to report the event as soon as possible.

This will help us work together to try to contain the incident , protect assets, data and stakeholders. This early notification tool also aims to strengthen defenses against evolving cyber risks.

Broker-Dealer and Investment News

Investment Adviser Representative Continuing Education (IAR CE) Hours Due Mid-November

The deadline for DFPI registered investment adviser representatives to complete the required IAR CE (Investment Adviser Representative Continuing Education) hours for 2024 is quickly approaching. Any IARs with required IAR CE hours for 2024 that have not been fully completed will be unable to renew their registration for 2026. The DFPI recommends completing all CE hours due for 2024 by mid-November to allow time for the credits to be reported before the annual FINRA system shutdown on December 26, 2025.

For more information about IAR CE program, please visit the DFPI website.

Debt Collection News

Debt Collection Licensing Act (DCLA) – Annual Assessment Due October 31, 2025

All licensees under the Debt Collection Licensing Act (DCLA) are required to pay their pro rata share of the Annual Assessment. On September 30, 2025, invoices were issued through NMLS, with payment due no later than October 31, 2025. If the Annual Assessment is not paid by January 1, 2026, a penalty will be imposed pursuant to California Financial Code section 100020(b). In addition, pursuant to California Financial Code section 100020(d), failure to pay the Annual Assessment by January 1, 2026, may result in an order summarily suspending or revoking the DCLA license.

For questions about the Annual Assessment, please email [email protected] or call (866) 275-2677.

Money Transmission News

PRO 02-23 – Notice of Modification to Text of Proposed Regulation – Money Transmission Act / Digital Financial Assets Law – Comments Due October 15, 2025

On April 4, 2025, the Commissioner of the DFPI published a Notice of Proposed Action to adopt requirements related to licensure under the Digital Financial Assets Law, and to clarify that certain activities involving digital financial assets are exempt from licensure under the Money Transmission Act.

After considering public comments, the Commissioner has made modifications to the proposed regulations, as shown below.

• Notice of Modification to Text of Proposed Regulation

• Text of Modified Proposed Regulations

• Initial Statement of Reasons Addendum

TIME FOR COMMENTS

The Commissioner invites interested parties to submit comments by October 15, 2025.

Submit comments by any of the following methods:

• By email to: [email protected]. Please include “PRO 02-23” in the subject line. Comments submitted as attachments in Microsoft Word format (docx) are preferred.

By postal mail to: Department of Financial Protection and Innovation / Attn: Diana Pha, Regulations Coordinator, Legal Division / 651 Bannon Street, Ste. 300 / Sacramento, CA 95811

Mortgage News

2025-2026 California Financing Law Assessment Due October 31, 2025

The 2025-26 Annual Assessment for companies licensed under the California Financing Law (CFL) was sent on September 29, 2025. The assessment is due upon receipt of the invoice and becomes delinquent if not paid by October 31, 2025.

As required by Financial Code section 22107, a CFL licensees shall pay its pro rata share of all costs and expenses in the administration of this division. The pro rata share shall be the proportion that a licensee’s gross income is to the total gross income of all licensees. A licensee is not permitted to pay less than $250 per licensed location.

Assessment payment options will be available in NMLS no later than September 30, 2025, and the assessment must be paid through NMLS. Additionally, a hardcopy of the assessment notice will be mailed to the licensee’s address registered with the DFPI. If you did not receive the assessment notice, you may request a copy by sending an email to the CFL mailbox listed below.

If you need to update your address, please complete and submit the address change through the NMLS system. Please refer to the CFL Amendment Checklist for more information.

Licensees may surrender its license(s) in lieu of paying the assessment. However, licensees with multiple locations who surrender some of its locations will still have to pay the total amount of the assessment. The surrender request must be submitted to the DFPI before October 31, 2025 through NMLS. Please refer to the CFL Surrender Checklist for more information.

For questions regarding the assessment and to obtain copies of the invoice, you may send an email to [email protected]. All payment inquiries should be directed to [email protected].

DFPI MLO Renewal Requirements

The Department of Financial Protection and Innovation (DFPI) would like to remind you that the NMLS Annual Renewal Period for Mortgage Loan Originators (MLO) will begin on November 1, 2025, and end on December 31, 2025.

All licenses that have an approved or approved-equivalent status between January 1^st and October 31^st of the current year (2025) are subject to the renewal process.

To request renewal of your DFPI MLO license, you will be required to submit a new Criminal Background Check and pay the renewal fee of $300. The reinstatement period is from January 1, 2026, to February 28, 2026, and requires a reinstatement fee of $100 in addition to the normal renewal licensing fees. Failure to submit a renewal or reinstatement request by February 28, 2026, will require the submission of a new license application and will be subject to the processing timelines for new license applications. All fees are non-refundable.

Consult with your sponsoring company to determine whether you are responsible for renewing your licenses in NMLS or if they are performing this task on your behalf. A free Online Renewal Training Course is available to help guide you through the renewal process.

To ensure that your request for renewal is approved and processed in a timely manner, we encourage you to address any outstanding license items and complete your continuing education well in advance of December 31, 2025. Continuing education credits can take 10-16 days to post to your account in NMLS. If continuing education is not posted to your account by December 31, 2025, you will be required to pay the additional $100 reinstatement fee in addition to the $300 fee for renewal. All fees are non-refundable. 

California Financial Code(s) 10 CCR 1950.122.5(g) and 1422.6(g) require amendments to your MU4 to be submitted within 20 days of any change to the information contained in the MU4.

1. Your NMLS record must be up to date, and all state-specific requirements must be met before submitting your renewal request. Visit the Annual Renewal page of the NMLS Resource Center for more information regarding state renewal deadlines, fees, state-specific requirements, continuing education, and more.
2. Failure to address license items related to disclosure items can result in the DFPI preventing your ability to renew your license and/or denying your request for renewal.
3. Certain NMLS support options are available using an online support request. These options include account password reset/unlock, account email changes, and license/registration renewal status. The options are available for both individual and company users. Support Request Forms can be found here.

All fees are non-refundable. This includes refunds for renewals that are denied or submitted in error. Additionally, the DFPI does not offer waivers for required fees, including but not limited to the reinstatement fee for renewals submitted on or after January 1, 2026.

Upcoming Consumer Education Event

Every month we educate consumers through community events and a monthly webinar.

Student Loan Updates: What You Need to Know Webinar

Nov. 6, 12 – 1 p.m.

We invite you to participate in this informative student loan webinar. Celina Damian, the Student Loan Ombudsperson, will provide the most recent updates on federal student loans, including the impact of the One Big Beautiful Bill (OBBB) on repayment plans, Parent Plus Loans, Public Service Loan Forgiveness (PSLF), and other changes in federal student loan limits. Many changes are set to occur on July 1, 2026, and this is an opportunity you will not want to overlook!

Register here.