Second Round of Modifications Issued for California CU Law

Logo for the California Department of Financial Protection and Innovation

The California Department of Financial Protection and Innovation (DFPI) has issued a second-modification proposal to amend regulations under the California Credit Union Law.

The department will hold a 17-day comment period with the deadline to submit comments being Monday, May 10.

Comments should be submitted to regulations@dfpi.ca.gov. You can view the second-notice modified text with strikethrough deletions, double underlines, and bold underlines here.

For background, on June 26 of 2020 the DFPI — known then as the California Department of Business Oversight (DBO) — issued a notice of rulemaking to amend regulations under the law. These proposed amendments seek to modernize the regulations to reflect changes to related state and federal laws; streamline the application process for out-of-state credit unions that apply to operate in California; and allow credit unions a greater choice of permissible investments.

The DFPI also recently issued a notice of modifications on Feb. 24.

Pin It