Monthly Bulletin September 2025

LICENSEE ACTIVITY

Trust Company Activity

Erratum

It was erroneously reported in the March 2025 issue that the proposed address for Parallel Trust Company of California (In Organization) was 226 So. Beverly Drive, Beverly Hills. The correct address is 9201 Wilshire Boulevard, Beverly Hills.

Money Transmitter Activity

New Money Transmitter

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

Acquisition of Control

Arrow Borrower 2025, Inc. to acquire control of AvidXchange, Inc.
Approved: 8/08/25

DFPI News

Charlotte Fadipe Appointed as Deputy Commissioner of Public Affairs

Governor Newsom announced on August 26 the appointment of Charlotte Fadipe as Deputy Commissioner of Public Affairs for the DFPI. She will officially join the Department on September 15 and will be based out of our Sacramento office.

Fadipe was Chief Communications Officer at the California Earthquake Authority from 2020 to 2025. She was the Assistant Director of Media/Communications for the California Department of Pesticide Regulation from 2013 to 2020. She was the Chief of Media and Press Relations for the California Department of Toxic Substances Control from 2009 to 2013. Fadipe was a Local Television News Reporter for NBC and CBS from 1997 to 2009. Fadipe earned a Master of Journalism degree from the University of California, Berkeley, and a Bachelor of Science degree in Education and Science from Oxford Brookes University.

The Governor’s selection of Charlotte fills an important position focused on increasing Californians’ awareness of DFPI through strategic communications for consumers, licensees, and other stakeholders as we continue to implement the California Consumer Financial Protection Law (CCFPL).

 

New! Report a Cybersecurity Incident Form

As cybersecurity incidents grow in sophistication, complexity and frequency, early detection and prompt notification enable a swift response and containment measures.

To assist licensees in promptly reporting to the DFPI the detection of a cybersecurity incident, the DFPI has created a short online Cybersecurity Incident Report Form, available here.

This tool will facilitate reporting a known or suspected cybersecurity incident quickly and easily. The notification form provides an early alert to the DFPI and does not require the 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.

The licensee and DFPI can work together to contain the incident and protect assets, data and stakeholders. This early notification tool also aims to strengthen defenses against evolving cyber risks.

 

Debt Collection News

Pursuant to the California Debt Collection Licensing Act, the 2025-2026 annual assessment fee will be invoiced through the Nationwide Multistate Licensing System (NMLS) on September 30, 2025. Once the invoice is generated in NMLS, licensees will receive an email notification directly from the NMLS. The annual assessment fee is due within 30 days of receipt of the invoice and must be paid through NMLS.

Pursuant to California Financial Code section 100020, failure to pay the annual assessment fee by January 1, 2026, will result in a penalty and the licensee will be subject to suspension or revocation.

Questions regarding the annual assessment may be directed to the Department of Financial Protection and Innovation (DFPI) by email at [email protected] or by phone at (866) 275-2677.

Mortgage News

California Residential Mortgage Lending Act (CRMLA) Annual Assessment Increase

On or before the 30th day of September of each year, the Department will assess each licensee the cost and expenses reasonably incurred in the administration of CRMLA. The amount of increased assessment is $3,000 with no lending activity and $15,000 for each licensee’s lending, broker lending, and servicing activity as reported on the annual report for the previous calendar year. The increase is following the Governor’s signing of AB 137 on June 30, 2025. Annual assessment payments are due within 20 days of the invoice date. Licensees are reminded to budget accordingly for the annual assessment.

For more information, visit our Requirements After a California Residential Mortgage Lender and/or Servicer License Has Been Issued page.

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, and the DFPI will not issue 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.

Banks, Credit Unions, and Trust Companies News

Applications for the Credit Union Advisory Committee

DFPI is soliciting applications to fill positions on its Credit Union Advisory Committee for the 2025-2027 term. Applications are due by September 19, 2025.

The Committee advises the Commissioner of the Department of Financial Protection and Innovation and Deputy Commissioner for the Office of Credit Unions on matters relating to credit unions or the credit union business.

DFPI strives to have broad representation on the committee and 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 2025-2027 term, please submit an application expressing your interest and summarizing your qualifications for service. Please include:

• Background
• Areas of expertise
• Reasons for serving on the committee
• Credit union’s size, region, and field of membership
• Challenges you face in your own credit union
• Whether your credit union has private or federal insurance
• Experience with relevant issues in the current public policy environment, including serving underbanked and vulnerable Californians, exploring opportunities in financial innovation, and engaging in discussions around the future of the credit union movement.

Please submit your email application to Purvi Patel, Deputy Commissioner, Office of Credit Unions at [email protected] no later than September 19, 2025.

Banks, Credit Unions, and Trust Companies News

IT System Survey

The Department of Financial Protection and Innovation (DFPI) recently sent out its biennial IT survey to all bank, credit union, foreign bank, and trust company licensees. The survey was initially emailed on August 25, 2025 and is due no later than 11:59 p.m. PT on September 23, 2025. The survey was sent to each institution’s designated email address in accordance with California Financial Code §331.5. Please take a moment to ensure that an appropriate email address is on file, and that the mailbox is monitored regularly.

The email contained a secure link to your individual institutions survey. The electronic 2025 IT Systems Survey is designed to help the DFPI assess the level of each licensee’s IT risk, allocate resources, and prepare for examinations.

Licensees are required to submit the survey pursuant to California Financial Code §455. Responses are kept confidential and used only in the examination process.

If you have questions, please contact:

• For Banks, Trust Companies, Agencies and Branch Offices of Foreign Banks:

  Regional Deputy Commissioner Matthew Fujikawa at [email protected] or Senior Financial Institutions Examiner Anthony Campbell at [email protected].

• For Credit Unions: Financial Institutions Manager Eric Dinkelman at [email protected].

  For technical concerns, please send an email to [email protected].

Student Loan Help Videos for Borrowers

In partnership with the National Consumer Law Center (NCLC), we are offering a series of student loan help videos to guide borrowers through repayment options, explain loan types, and provide information on loan forgiveness and relief programs.

Upcoming Consumer Education Event

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

Path to Homeownership Workshop

Oct. 1, 12 – 1 p.m.

Navigating the homebuying process can be overwhelming, especially for first-time buyers. Join this free, comprehensive workshop to gain the knowledge and confidence you need to improve your credit, secure financing, find the right agent, and make the dream of owning a home a reality. Other topics that will be discussed include budgeting, verifying professional licenses, and avoiding fraud and scams.

Everyone who registers for this webinar will receive a link to the recording and a copy of the slides.

Register here.