California

REGULATING AGENCY: California Department of Financial Protection and Innovation; Office of Credit Unions

California State Capitol

  • Cloey Hewlett, Commissioner
  • Edgar Gill, Senior Deputy Commissioner
  • Joni Kimbrell, Chief Examiner for the Office of Credit Unions
  • Website: dfpi.ca.gov/credit-unions

ACCREDITED: 1999

LEAGUE: California Credit Union League

  • Diana Dykstra, Leagues President/CEO
  • Website: ccul.org

PRIVATE SHARE INSURANCE: YES


2022 STATS 
  • Largest SCU: GOLDEN 1 CU $18.5B in assets
  • Largest FCU: SCHOOLSFIRST FCU $28B in assets
Second Quarter 2022 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 118 154 272 43%
Credit Union Members 7.8M 5.3M 13M 60%
Credit Union Assets $161B $120B  $281B 57%

FUN FACT

The first movie theater opened in in Los Angeles in 1902. In 1947 Norma Jean was crowned Castroville’s first Artichoke Queen. She would become Marilyn Monroe


RECENT NEWS
CA: DFPI Says No MTA License Required to Issue Tokenized U.S. Dollars

Nov. 15, 2022 —  Earlier this month, the California Department of Financial Protection & Innovation issued a quasi interpretive opinion regarding whether the unnamed requestor must be licensed under California’s Money Transmission Act to offer platform trading services or to issue tokenized versions of the U.S. Dollar or securities.  The MTA requires persons in the business of money transmission in California to be licensed, unless exempt under the act.  Cal. Fin. Code § 2030.  The MTA currently defines “money transmission” as any of the following:

  • Selling or issuing payment instruments;
  • Selling or issuing stored value; or
  •  Receiving money for transmission.

Cal. Fin. Code § 2003(q).  “Stored value” is defined as “monetary value representing a claim against the issuer that is stored on an electronic or digital medium and evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. The term does not include a credit card voucher, letter of credit, or any stored value that is only redeemable by the issuer for goods or services provided by the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value.  Cal. Fin. Code § 2003(x).

I refer to this as a “quasi interpretive opinion” because the DFPI merely states that it does not currentlyrequire the requestor to obtain an MTA license because the Department “has not determined whether the issuance of tokenized versions of the U.S. Dollar or securities, or their use to trade cryptocurrencies, is money transmission”. READ MORE


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