California credit unions should take note that on June 30, the invoice for the 2022-23 annual assessment by the California Department of Financial Protection and Innovation (DFPI) was emailed to credit unions, banks, and money transmitters (instead of sending a paper invoice through the mail).

Licensees that do not receive their invoices should notify the Accounts Receivable Unit at AccountingAR@dfpi.ca.gov as soon as possible.

Invoices are payable on or before Aug. 1, with more time allowed for payments made via electronic funds transfers (EFT). EFT payments are due Aug. 8.

The following is assessment information for various types of financial institutions:

• Credit unions: The 2021-22 assessment rate was set at $1.01 per $1,000 of assets, the same as last year’s rate.
• Commercial banks, foreign banks, and trust companies: The base rate was set at $1.39 per $1,000 of assets, a $0.05 decrease from last year’s rate of $1.44.
• Industrial banks: The base rate was set at $1.39 per $1,000 of assets, a decrease of $0.05 from last year’s rate of $1.44.
• Money transmitters: The 2021-22 assessment rate was set at $0.014 per $1,000 received for transmission by a licensee in calendar year 2021, a decrease of $0.006 from last year’s rate. The 2021-22 assessment rate for issuers of payment instruments and stored value was set at $0.63 per $1,000 of total payment instruments and stored value sold by a licensee. The rate has not increased since 2012.
  
  

For questions about the calculation of an assessment, please refer to “How to Calculate Your Assessment” or contact Patrick Carroll at (415) 263-8559 or patrick.carroll@dfpi.ca.gov. Questions regarding assessment payment processing should be directed to the Accounts Receivable Unit at AccountingAR@dfpi.ca.gov.

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