california department of business oversight

The DFI core was the State Banking Department, which regulated commercial banks and trust companies. The Bank Act was revised in 1949, 1951 and extensively in 1979, before the Department of Financial Institution was created in 1997. The board’s powers were weak, and in 1909 California passed the Bank Act, which created the State Banking Department and a superintendent of banks, appointed by the governor. In 1878, two decades after California began granting charters to financial institutions, the state created a three-person Board of Bank Commissioners that placed “every savings bank and banking company incorporated under the laws of this state (California), or any other state or country and doing business in this state” under its jurisdiction. While the Department of Financial Institutions was only in existence since 1997, its roots went back more than 100 years. The forerunners of the DBO have long histories. The agency combines the functions of the Department of Financial Institutions (DFI) and the Department of Corporations (DOC) into a single entity while continuing to employ each as separate divisions. It was created July 1, 2013, as part of a larger reorganization of state government’s executive branch. The Department of Business Oversight (DBO) is a relatively new agency.

California department of business oversight