Credit Unions

DFPI licenses and regulates state-chartered credit unions and executes California laws relating to credit unions or the credit union business. The Office of Credit Unions conducts periodic examinations of all California state-licensed credit unions, reviews applications for certificates to act as a credit union, and issues those certificates when all qualifications for such have been met.

Credit Union Advisory Committee

The Credit Union Advisory Committee advises the Commissioner and the Deputy Commissioner on matters relating to credit unions or the credit union business. The appointed members serve a two-year term and membership is voluntary. The committee meets once each calendar quarter.

Statutory Definition of a 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.