DFPI Releases Final California CU Code of Regulations Proposal

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The California Department of Financial Protection and Innovation (DFPI) has released the final version of the proposed amendments to the California Credit Union regulations (California Code of Regulations, Title 10 sections 30.102, 30.200, 30.300, and 30.803, and the repeal of section 30.101.5).

Specifically, the final amendments reflect changes to the California Financial Code (FC) and federal regulations, streamline the process for out-of-state credit unions that apply to operate in California, and allow credit unions a greater choice of permissible investments.

The California Credit Union League submitted various comment letters to offer recommendations to provide clarity and further improve the proposed regulations.  

The final amendments to the regulations will become effective on April 1, 2022. The League will review the final amendments and provide more information soon.

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