Monthly Bulletin – June 2026

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June 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

Quantum Bank Proposed location: Street address to be determined in Downtown Los Angeles, Los Angeles County Correspondent: James B. Jones Carpenter & Company, 23 Corporate Plaza Drive, Suite 150, #D-11, Newport Beach, CA 92660 Phone: 949-261-8888 Withdrawn: 5/01/26

Venture Coast Bank Proposed location: Street address to be determined in University Avenue, Palo Alto Correspondent: Ravi Mallela 6024 Harwood, Oakland, CA 94618 Phone: 415-547-9632 Application amended: 5/20/26 – name changed from Venture Coast Partners LLC

Acquisition of Control

Partners Bancorp, to acquire control of Partners Bank of California Approved: 5/20/26

Credit Union Activity

Merger

Sunkist Employees Federal Credit Union, Valencia, to merge with and into Valley Oak Credit Union, Three Rivers Filed: 4/30/26

Jones Methodist Church Credit Union, San Francisco, to merge with and into Upward Credit Union, Burlingame Approved: 5/01/26 Effected: 5/01/26

Conversion

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

Money Transmitter Activity

Voluntary Surrender

AllPaid, Inc. Effected: 5/18/26

DFPI News

Financial Institutions Must Stop Elder Financial Abuse

World Elder Abuse Awareness Day on June 15 underscores the vital role financial institutions play in preventing financial exploitation.

According to the World Health Organization, one in six people aged 60 and over experience some form of abuse, often by family members. The U.S. Department of Justice’s Annual Report on Activities to Combat Elder Fraud and Abuse states that between July 1, 2024, and June 30, 2025, 1,034,630 victims lost $2,363,983,480 due to financial elder abuse.

According to two key California laws, Elder Abuse and Dependent Adult Civil Protection Act, Sections 15600-15575 and Financial Abuse of an Elder of Dependent Adult, Section 15630.1 , financial institutions are required to have policies and procedures in place to comply with the law.

Financial institutions must monitor unusual transactions, changes in withdrawal patterns, and unusual wire transfers, especially to foreign countries. They can also identify signs of distress in customers, particularly when accompanied by others.

They must provide training to all bank employees and report elder abuse through suspicious activity reports and the local adult protective services agency.

While financial institutions are the frontline defenders, everyone shares responsibility to protect elders. If you think someone is a victim of elder abuse, contact your local authorities immediately or reach out to the DFPI .

Press Releases and Consumer Alerts

DFPI Shuts Down Crypto Kiosk Operator Hermes Bitcoin – Hermes Bitcoin has been ordered to shut down all of its 42 digital financial asset kiosks (also known as Bitcoin ATMs). The company charged illegal fees, failed to provide required disclosures or follow anti-money laundering laws, and violated transaction limits.

Settlement with Yotta Technologies – Yotta Technologies must pay a $1 million penalty for engaging in deceptive acts or practices, a violation of the California Consumer Financial Protection Law (CCFPL). An investigation determined that Yotta misled consumers by marketing its services as safe while falsely claiming that their accounts were insured by the Federal Deposit Insurance Corporation (FDIC).

Imposter Posing as DFPI Employee in Email – An imposter is using the name of a DFPI employee along with a fake email address in an attempt to trick DFPI licensees and demand a response. This is a warning to both consumers and licensees to look out for email spoofing attempts, a tactic used by phishers to make messages look like they’re coming from a trusted source.

Individual Posing as Licensed Investment Adviser Representative – An individual is contacting consumers through messaging platforms, such as Telegram and WhatsApp, while falsely claiming to be Douglas Boneparth, a licensed Investment Adviser representative. The individual attempts to persuade consumers to open accounts on the financial services platforms Uphold and Equator to invest in crypto.

Credit Unions News

California Executive Forum is Next Week

Join the National Association of State Credit Union Supervisors (NASCUS) and California’s Credit Unions on June 10, 2026 , for a California Executive Forum with industry leaders, system stakeholders, credit unions, and board members. Explore and discuss the pressing issues facing the industry today. Expand your network, gain insights into solutions for evolving challenges, and engage in collaborative discussions on the future of the state system. This is an in-person event. Learn more and register .

Digital Financial Assets News

July 1 Deadline Approaching: Application Portal Open for Crypto Company Licensing

The DFPI is accepting online license applications from individuals and companies offering certain crypto‑related activities to California residents.

With the July 1, 2026 deadline approaching, anyone engaging in these activities must hold a Digital Financial Assets Law (DFAL) license, have submitted a DFAL application, or be otherwise exempt from DFAL licensure. This requirement applies to crypto exchanges, custodians, and crypto kiosks. Read more .

Escrow News

Some Escrow Annual Reports Due Next Week

Escrow agents are required to submit to the DFPI Commissioner an annual report prepared by an independent certified public accountant (CPA) ( Financial Code section 17406 ) within 105 days after the close of the escrow agent’s fiscal year. The annual report includes audited financial statements and required supplemental information. If your fiscal year ended on February 28, 2026 , your annual report is due June 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 secured 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

June 16, 4 – 5 p.m. Learn how to identify imposter, investment, phishing, and romance scams, plus how to protect yourself from identity and mail theft. Register today .

Updated:

June 5, 2026