2150 Department of Financial Institutions
Program Descriptions

10 - LICENSING AND SUPERVISION OF BANKS AND TRUST COMPANIES

The objective of this program was to promote the integrity and stability of state-licensed banks and foreign banks and trust companies through the regulation and supervision of these institutions. Program activities included examinations at least once every three years to ensure that business was conducted in a safe and sound manner, and investigation of new bank and trust company applications and other required applications.

20 - MONEY TRANSMITTERS

The objective of this program was to promote the integrity and stability of businesses receiving money in the United States for transmission, selling or issuing payment instruments, and selling or issuing stored value. The objective was accomplished through the examination, regulation, and supervision of these institutions. Examinations were conducted at any time to ensure the licensees were complying with the provisions of the Money Transmission Act and operating in a safe and sound manner. In order to protect the public, a thorough review of each new applicant was conducted before a license is issued.

40 - ADMINISTRATION OF LOCAL AGENCY SECURITY

As the Administrator of the Local Agency Security Program, the Commissioner monitored the amount and quality of collateral pledged to secure deposits of public funds made by approximately 1,500 local agencies. The Commissioner also administered local agency security for banks, savings and loans, credit unions, and industrial banks as well as federally chartered financial institutions.

50 - SUPERVISION OF CALIFORNIA BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS

This program licensed and regulated non-fiduciary businesses and industrial development corporations. The program ensured that business was conducted in a financially sound manner through periodic examinations and analyses of required reports.

60 - CREDIT UNIONS

The primary objective of this program was to promote the integrity and stability of credit unions through the regulation and supervision of these institutions, including examinations to ensure they were operating in a safe and sound manner and complying with the appropriate provisions of the Financial Code relating to their operation.

70 - SAVINGS AND LOAN

The Savings and Loan Program ensured that savings associations comply with applicable laws and regulations.

80 - INDUSTRIAL BANKS

The Industrial Bank Program administered and enforced the provisions of the Financial Code relating to industrial loan companies. This included processing applications for new companies and conducting examinations to determine compliance with applicable laws and regulations.

90 - ADMINISTRATION

The Administration Program provided services essential for the administration of the Department and its programs, including executive, legal, legislative, policy, fiscal, business services, and information technology.