CA rule change

Via California’s Department of Business Oversight: The Department of Financial Protection and Innovation (DFPI) has filed a Notice of Proposed Rulemaking with the Office of Administrative Law. The Commissioner of Financial Protection and Innovation is proposing to adopt regulations to implement AB 857 (Stats. 2019, Ch. 442), which authorizes local agencies to apply for a certificate of authorization to transact business as a bank. Proposed text can be found on the DFPI website here.

The deadline to submit comments is January 21, 2021. Comments may be emailed to regulations@dfpi.ca.gov. The 45-day public comment period ends on January 21, 2021.

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