DBO Reviews CA's CFPB Language with State Chartered CUs

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Last week, state-chartered credit unions across California joined a call with the state's Department of Business Oversight (DBO) to discuss Gov. Gavin Newsom's trailer bill language that would change the department to the Department of Financial Protection and Innovation.

DBO leadership gave a brief overview of the governor’s vision for the department, some history on why it was being formed, and then walked attendees through portions of the language.

The DBO's staff made it abundantly clear from the beginning of the call that they felt there would be little to no changes for credit unions, including no increased fees on current licensees.

After the walk-through, questions were asked of the department. During this portion of the call, the department said its Office of Credit Unions would not be impacted, and that it was not the intent of the trailer bill to include oversight or enforcement for federally chartered credit unions or CUSOs.

Both of these announcements were great news for credit unions in California. The California Credit Union League will be working closely with DBO and the governor’s office to ensure that the language matches their intent.

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