Monthly Bulletin – August 2026

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Monthly Bulletin – August 2026

August 2026

About the Monthly Bulletin

The Bulletin is a regulatory and informational newsletter, issued once a month by the Commissioner of DFPI, in accordance with state law (Financial Code Section 376). It serves as a communication tool to provide licensees and the public with timely updates on regulatory activity across California’s financial services landscape. The Bulletin includes banking/licensee activity, regulatory updates, industry and licensee updates, enforcement actions, rulemaking and policy announcements, consumer alerts and resources, and other relevant information. Subscribe here.

LICENSEE ACTIVITY

Bank Activity

New Bank

Aspira Bank
Orange County
Correspondent: Gary Steven Findley
Gary Steven Findley & Associates, 3808 E. La Palma Avenue, Anaheim, CA Phone: 714-630-7136 Approved: 7/13/26

Credit Union Activity

Merger

California Coast Credit Union, San Diego, to merge with and into San Diego County Credit Union, San Diego, with the surviving credit union to change its name to California Coast Credit Union Withdrawn: 07/08/2026

Conversion

BluPeak Credit Union, San Diego, to convert to federal charter Effected: 7/16/26

Premium Finance Company Activity

New Premium Finance Company

American Premium Finance Solutions, Inc.
660 W Broadway, San Diego
Filed: 7/29/26

Johnson & Johnson Preferred Financing of California, Inc.
2281 Lava Ridge Court, Roseville
Filed: 07/01/26

Trust Company Activity

Acquisition of Control

Delaware parent corporation to acquire control of Peninsula Bay Trust Company Approved: 7/14/26

Foreign (Other State) Bank Activity

New Office

Forbright Bank
5757 Wilshire Boulevard, Los Angeles (Insured facility) Filed: m7/21/26

Money Transmitter Activity

New Transmitter

Shopify Financial Services Inc.
Approved: 7/29/26

TabaPay Payment Services LLC
Opened: 7/08/26

DFPI News

Reminder: Report Cybersecurity Incidents to the DFPI

As cybersecurity incidents become more common, complex, and frequent, early detection and reporting are critical.

The DFPI has created an online
Cybersecurity Incident Report Form to help licensees report these incidents. Completing the form helps us work quickly to contain the incident and protect assets, data, and stakeholders.

California Crypto Company Licensing

Starting July 1, companies offering crypto-related services must now have a Digital Financial Assets Law (DFAL) license application submitted to the DFPI to do business in California. Licensing helps ensure crypto companies meet strong standards for financial stability, fraud prevention, and cybersecurity. These protections strengthen our oversight of the crypto marketplace and help keep Californians’ digital financial transactions safer.

New Requirements for Financial Institutions Holding Client Trust Accounts

The DFPI is reminding banks and credit unions to update their records and procedures to allow the acceptance of this client trust account form from the California State Bar.

By accepting the form, banks and credit unions can update their books and records to include the attorney’s State Bar License for known client trust accounts ( Business and Professions Code section 6091.3 ). For more information, visit the State Bar of California’s Financial Institutions Banking Compliance
page.

DFPI Holds the Line on Bank, Money Transmitter Assessments; Slight Increase for Credit Unions

The 2026-27 assessment rate was set at $2.08 per $1,000 of assets, unchanged from last year’s rate. DFPI emailed invoices on July 15. Payments will be due in 30 days, with an additional week allowed for payments made via electronic funds transfers (EFT). If you have any questions about the calculation of the assessment for your bank, please refer to the How to Calculate Your 2026 Assessment – Banks document.

Money Transmitter

The 2026-27 assessment rate was set at $0.015 per $1,000 received for transmission by a licensee in calendar year 2025, unchanged from last year’s rate. The 2026-27 assessment rate for issuers of payment instruments and stored value was set at $0.63 per $1,000 of total payment instruments and stored value sold by a licensee. The rate has not changed since 2012. Invoices were emailed on July 1.

Payments will be due in 30 days, with an additional week allowed for payments made via electronic funds transfer (EFT).

Credit Unions

The 2026-27 assessment rate was set at $1.04 per $1,000 of assets, an increase of $0.02 from last year’s rate of $1.02. DFPI emailed invoices on July 10. Payments will be due in 30 days, with an additional week allowed for payments made via electronic funds transfer (EFT). If you have any questions about the calculation of the assessment for your credit union, please refer to the How to Calculate Your 2026 Assessment – Credit Unions document.

Questions regarding assessment payment processing should be sent to AccountingAR@dfpi.ca.gov.

Press Releases and Consumer Alerts

DFPI Cracks Down on Financial Firms Charging Excessive Commissions – When financial companies overcharge customers, DFPI takes action. We’ve ordered five companies, Edward Jones, LPL Financial, RBC Capital Markets, TD Ameritrade, and Stifel, Nicolaus & Company to return $1.3 million to Californians who were charged excessive commissions on small transactions.

DFPI Secures $7M for 3,000 Victims of California Land Investment Scam – We have another win for California consumers! The DFPI has secured $7 million in restitution for nearly 3,000 consumers—many from the Filipino, Chinese, and Hispanic communities—for a land investment scam known as the Silver Saddle scheme. Affected investors may soon receive checks in the mail.

Escrow News

Some Escrow Annual Reports Due August 13, 2026

Escrow agents are required to submit to the DFPI Commissioner an annual report prepared by an independent certified public accountant (CPA) within 105 days after the close of the escrow agent’s fiscal year ( Financial Code section 17406 ). The annual report includes audited financial statements and required supplemental information.

If your fiscal year ended on
April 30, 2026
, your annual report is due August 13, 2026
. CPAs should email the report to ESCAnnualReportFiling@dfpi.ca.gov by the deadline using a secure, encrypted delivery system. The use of a secure dropbox is also acceptable. If CPAs are unable to submit the annual report electronically, it can be mailed to Stephanie Yoro, Office Technician, Escrow Law, Department of Financial Protection and Innovation, 320 West Fourth Street, Suite 750, Los Angeles, CA 90013.

Penalties for -not filing the annual report by the due date or to including required information are $100 per day for the first five days a report is late and $500 per day thereafter ( Financial Code section 17408 ). Failure to file a report or to include any required information may also result in the suspension or revocation of an escrow agent’s license or prompt an immediate examination ( Financial Code section 17602.5 ). For questions about the annual reports, email Escrow.Licensing@dfpi.ca.gov.

Upcoming Consumer Education Event

Every month, the DFPI outreach team educates consumers through community events and a monthly webinar.

Protect Yourself from Fraud Presentation with Senator Dr. Aisha Wahab (SD10)

Join us in-person on August 24 in Fremont for a free presentation on how to protect yourself from fraud and scams, including imposter scams, identity theft, and more. This is an interactive session, and you can ask questions during the live Q&A. Register today .

Updated:

August 3, 2026