updated 07/08/13 10:55 AM
DFI MERGES INTO NEW STATE DEPARTMENT
Part of Governor's Reorganization
In accordance with Gov. Jerry Brown’s government reorganization plan that went into effect July 1, California's Department of Corporations and the Department of Financial Institutions (DFI) merged to form the Department of Business Oversight (DBO).
Jan Owen, Commissioner of the Department of Business Oversight (DBO)
Additionally, a new Division of Financial Services (DFS) will be housed inside the newly created DBO. The DFS will oversee the operations of state-licensed financial institutions, including banks, credit unions, industrial banks, savings associations, trust companies, foreign banking organizations, business and industrial development corporations, money transmitters, issuers of payment instruments and traveler's checks, and premium finance companies.
Structurally, DFS looks very similar to the former DFI, and licensees should see no interruption in service.
The reorganization required new gubernatorial appointments. Brown named Jan Owen as the commissioner of DBO. Owen was formerly acting commissioner of the DFI from 1999-2000 after serving as deputy commissioner from 1996-1999.
Teveia Barnes—who was previously the DFI commissioner—was appointed senior deputy commissioner of DFS.
The appointments of Barnes and Owen require Senate confirmation.
Additionally, RaAnn Wood was reappointed as deputy commissioner of the Division of Credit Unions.
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