Monthly Bulletin – July 2026

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July 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 Filed: 6/23/26 Application amended: 6/29/26 – changed proposed name from Aspire Bank

TriCoast Bank Proposed location: Street address to be determined in the city of Burbank, and a facility in the Manhattan Beach/El Segundo area Correspondent: James B. Jones Carpenter & Company, 23 Corporate Plaza Drive, Suite 150, Newport Beach, CA 92660 Phone: 714-742-3315 Application amended: 5/05/26 – amended head office location from Torrance and facility from community of Encino Approved: 6/23/26

Credit Union Activity

Merger

Inland Federal Credit Union, El Cajon, to merge with and into Cabrillo Credit Union, San Diego Approved: 6/01/26 Effected: 6/01/26

Conversion

First Entertainment Credit Union, to convert to federal charter Filed: 4/30/26

Premium Finance Company Activity

New Premium Finance Company

Elevate Premium Finance of California 1 Baxter Way, Thousand Oaks Filed: 6/10/26

Mission Street Finance, Inc. 425 Bush Street, San Francisco Filed: 6/22/26

P&K Financial Solutions Inc 6847 Monarch Way, Jurupa Valley Filed: 5/28/26

Patch Premium Finance of CA, Inc 660 Newport Center Drive, Newport Beach Opened: 5/08/26

Money Transmitter Activity

Change of Name

Oura Global Inc. to change its name to Netspend Corporation Effected: 6/19/26

DFPI News

New Requirements for Financial Institutions Holding Client Trust Accounts

Business and Professions Code section 6091.3 requires California attorneys that have client trust accounts provide their State Bar license number to the financial institution that holds the account on or before July 1, 2026, using a standard form created by the State Bar and submitting the form pursuant to Code of Civil Procedure section 684.115 . It further provides that the financial institution incorporate the attorney’s State Bar license number into its books and records for known client trust accounts.

The State Bar reports that some financial institutions have turned away attorneys trying to submit this form. DFPI encourages banks and credit unions to update procedures, accept the form, and incorporate into their books and records attorney names and State Bar license numbers for each client trust account in accordance with Business and Professions Code section 6091.3. See The State Bar of California’s Financial Institutions Banking Compliance page for more information.

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

Banks, Foreign Banks, Industrial Banks, and Trust Companies

The 2026-27 assessment rate was set at $2.08 per $1,000 of assets, unchanged from last year’s rate. DFPI will email invoices in mid-July. 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 How to Calculate Your Assessment for banks (PDF) .

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 will email 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 How to Calculate Your Assessment for credit unions (PDF).

Questions regarding assessment payment processing should be directed to Accounting at AccountingAR@dfpi.ca.gov.

Press Releases and Consumer Alerts

Home Equity “Investment” Consumer Alert – DFPI is warning homeowners about the risks of home equity “investments” (HEI). These financial products are often marketed as a way for homeowners to access cash without taking on additional monthly payments. But HEIs are complex agreements that can lead to significant or unexpected costs, and consumers should be aware of the risks before signing.

FTC Mortgage Fraud Settlement – The DFPI came to the rescue , taking legal action against a group of con artists who falsely promised reduced mortgage payments and foreclosure assistance during the COVID-19 pandemic. As a result, more than 1,800 consumers—about half of them from California—who were victims of mortgage fraud will soon receive nearly $3 million in refunds. The Federal Trade Commission (FTC) joined DFPI’s lawsuit.

Navitas Unlicensed Lender Enforcement Action – Florida-based Navitas has been ordered to pay a $4 million penalty for carrying out unlicensed lending activities—a violation of the California Financing Law ( CFL ). The violations were discovered during DFPI’s review process when Navitas applied for a CFL license in May 2023. Affected consumers will receive refunds within 90 days.

Legal News

Your Voice Matters: Submit Comments for VCC Fair Investment Practices by July 17, 2026

The DFPI is adopting regulations to implement the Fair Investment Practices by Venture Capital Companies Law ( Corp. Code, § 27500 et seq. ). This law requires specified venture capital companies to:

Give each founding team member of a business that has received funding from the venture capital company the opportunity to participate in a survey collecting demographic information.

Submit an aggregated report of the information to the DFPI.

We want your feedback! See how to submit comments . The deadline is July 17, 2026.

Escrow News

Ready to Make a Difference? Join the DFPI Escrow Advisory Committee

The DFPI is looking to fill one vacancy on the Escrow Advisory Committee. We encourage representatives of a real estate broker or a title insurance company to apply. Managers or corporate officers of independent escrow companies are also eligible to serve on the Committee.

The Committee was established under Financial Code section 17214 . Its legal purpose is to assist the DFPI Commissioner in carrying out responsibilities under the Escrow Law. The Committee is composed of eleven members, including the DFPI Commissioner or the Commissioner’s designee. With the exception of representatives from the Escrow Institute of California and the Escrow Agents’ Fidelity Corporation, all members are appointed by the Commissioner. The Committee meets quarterly at various DFPI offices across the state. Members can also join virtually.

If you meet the qualifications for the vacancy, you are encouraged to apply by submitting a letter of qualifications and a résumé to the attention of Paul Liang, Assistant Deputy Commissioner, at 320 West 4th Street, Suite 750, Los Angeles, California 90013.

The deadline for submission is July 10, 2026 . If you have any questions, please contact Paul Liang at (213) 823-3364 or Paul.Liang@dfpi.ca.gov.

Some Escrow Annual Reports Due July 14, 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 March 31, 2026, your annual report is due July 14, 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 failure to file the annual report by the due date or to include 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. In partnership with the Quincy Branch Library in Plumas County, please join us for an in-person presentation on scams and fraud prevention. Protect Yourself from Scams and Fraud Workshop

August 5, from 1 – 2 p.m. Tech support scams are becoming very sophisticated, costing users millions of dollars each year. Join us on August 5, from 1 – 2 p.m. for a virtual event where we’ll break down how these scams work and share practical tips to spot and avoid them. Register today .

Updated:

July 7, 2026