Message from Commissioner Hewlett
Dear Partners:
After over three years of incredibly meaningful and rewarding work at the Department of Financial Protection and Innovation, I have decided to retire and will step down as Commissioner at the end of the year. I could not be prouder of the work we have accomplished that has made the Department a global and national leader. It has been the honor of my lifetime to serve the people of the State of California and to support Governor Gavin Newsom. Seeing the incredible work firsthand over the years makes it clear to me that DFPI will continue to carry out its mission and be a leader in financial regulation.
In my forty-five year career in law enforcement, public policy and the law, I have devoted myself to helping Californians, and those who are less fortunate. Since I was appointed Commissioner, I have had the great fortune to work with an extraordinary team of accomplished leaders who have extensive experience in the state, federal, and private sector, and most importantly share my commitment to the mission of the Department. I am proud of our collective accomplishments.
Our team has led the nation in promoting the safety and soundness of the banking sector ultimately preventing further contagion following the failure of Silicon Valley Bank. Thanks to our collective efforts, California’s financial institutions are more resilient than ever, and well positioned to serve the public in a safe and sound manner.
We expanded oversight into newly covered financial products and services such as debt settlement services, student debt relief services, private postsecondary education financing and earned wage access, providing consumer protections that will help Californians. DFPI has also worked hard to promote opportunities for economic mobility by exploring creative ways to provide more liquidity for our financial institutions to support lending for small businesses and first-time homebuyers.
We have also been a trailblazer, creating the infrastructure for the implementation of the Digital Financial Assets Law, which will provide strong oversight of the dynamic crypto industry while promoting innovation.
Innovative regulatory tools, like the crypto scam tracker, have empowered consumers to make informed investment decisions. We have broken new barriers with our Office of Financial Technology Innovation giving start-ups the support they need to understand the regulatory framework while providing DFPI the opportunity to research emerging technologies to determine the best approach to regulate and stimulate economic growth. We are exploring creative investment models in the venture capital and private equity sector to increase investment opportunities for underserved populations to create generational wealth.
We have worked hard to promote financial literacy, education, and awareness of financial risks throughout California partnering with national, state, and local organizations, including through the CalMoneySmart Grant program. Our work has helped students, older adults, service members, veterans, and underserved communities navigate the world of finance, understanding their rights, and protecting them from becoming victims of fraud and scams. And in situations where the rules of the road were not followed, DFPI has been a leader, taking robust enforcement actions that protect California’s most vulnerable.
At DFPI we have created a more equitable, diverse, inclusive and accessible work culture. By working closely with communities across the state, DFPI has aimed to build a financially safe and prosperous California for everyone.
Serving as Commissioner truly has been the most personally meaningful experience of my life. Our mission to improve the lives of Californians and be a global leader continues. I am inspired everyday by the hard work and dedication of our team and am grateful for your support and partnership.
With Deep Appreciation,
Clothilde V. Hewlett
Clothilde Hewlett
Commissioner
California Department of Financial Protection & Innovation
One Sansome Street, Suite 600
San Francisco, CA 94104
[email protected]
www.dfpi.ca.gov
November 20, 2024