COVID Reopening, Commissioner Update, & NCUA Exam Guide

Logo for the California Department of Financial Protection and Innovation

The California Department of Financial Protection and Innovation (DFPI) says that all financial service providers must maintain compliance with California’s workplace standards, the COVID-19 Prevention Emergency Temporary Standards (ETS), as the state’s capacity and distancing restrictions are lifted for most businesses and activities this coming June 15.

Large-scale indoor events will continue to have vaccination or negative-test requirements for attendees through at least Oct. 1.

Businesses must comply with these standards, which include current public health guidelines. You can find more details in the Frequently Asked Questions about the COVID-19 Prevention ETS. Also, visit saferatwork.ca.gov to learn more about COVID-19 workplace requirements.

Additionally, beginning June 15, all sectors listed in the current Blueprint Activities and Business Tiers Chart may return to usual operations (with the limited exceptions noted for “Mega Events”) based on general public health recommendations. Every business must support a safe, clean, and low-risk environment. You can find guidance for industries here

DFPI Commissioner Announces Departure
California DFPI Commissioner Manuel Alvarez announced that June 18 will be his last day as commissioner. The governor’s office will appoint the next commissioner. 

Commenting on his future endeavors, Commissioner Alvarez said he will continue seeking opportunities to promote responsible innovation through diverse and inclusive teams striving to solve hard problems. In the interim, Chief Deputy Commissioner Chris Shultz will serve as acting commissioner. Shultz has been with DFPI for more than a year-and-a-half acting as second in command in the department.

“Department leadership remains committed to a smooth transition to new leadership and continuing to work with stakeholders to create a national model for consumer protection, and the regulation of emerging financial activities,” a statement said.

Update from DFPI on NCUA Examiners Guide
The DFPI recently participated in the National Examination Committee (NEC) of the National Credit Union Administration (NCUA). The results of the NEC’s work will ultimately be in the Examiners Guide. The guide is specifically addressed to examiners, and assists in the scoping process, on- and off-site supervision contacts, and more.

The DFPI’s contributions were focused on the Credit Union Operations chapter, specifically Cash Operations. The effort included reimagining the exam procedures into a new format, removing references to the Automated Integrated Regulatory Examination System (AIRES), and appropriately addressing “should” versus “must” in the content.

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