The August 2022 DFPI Bulletin focuses on a crypto-asset survey and consumer alert, and AARP’s Scam Chat, among other topics.
Editor’s note — The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight) supervises, licenses, and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Alongside the California Department of Real Estate (DRE), the DFPI shares the responsibility for overseeing MLOs depending on their license use.
Licensees, keep apprised of August 2022’s MLO news and events below.
Crypto Asset-Related Products and Services Survey
As crypto assets ballooned (and deflated) through the pandemic, regulation and oversight is more important than ever. The DFPI sent out a voluntary survey on July 28, 2022 to all DFPI-licensed banks, credit unions, and trust companies concerning blockchain technologies and financial products and services related to crypto assets.
The survey asked licensees about how they use blockchain tech and crypto asset-related financial products and services, plus any initiatives under consideration. The survey also asked licensees to point out areas that should be addressed in guidance the DFPI intends to issue by March 31, 2023, per Governor Gavin Newsom’s Executive Order relating to crypto assets and blockchain…
