With the California Department of Financial Protection and Innovation (DFPI) recently publishing its November Monthly Bulletin, the California Credit Union League wants to remind credit unions of the following:

CUs & Banks to Report NSF and Overdraft Fee Income
Senate Bill 1415 was recently signed into law by California Gov. Gavin Newsom, which requires state-chartered banks and credit unions to notify the DFPI annually of revenue they received from fees on non-sufficient funds and overdraft charges during the calendar year (view the League's analysis here). This goes into effect on Jan. 1, 2023.

These reports are due by March 1 so the DFPI can publish the information on its website by March 31. DFPI is currently developing a data collection and reporting process and anticipates notifying state-chartered banks and credit unions by yearend.

Please refer to the frequently asked questions (FAQs) or contact Kim-Phuong Hoang at kim-phuong.hoang@dfpi.ca.gov for more information.

NMLS License Renewal Began Nov. 1
As of Nov. 1, the Conference of State Bank Supervisors (CSBS) encourages individuals and businesses that provide mortgage, money transmission, debt collection and consumer financial services to renew their annual licenses in the Nationwide Multistate Licensing System and Registry (NMLS).

More than 261,000 mortgage loan originators (MLOs) and companies are licensed to conduct business, accounting for nearly 1.1 million state licenses to be renewed. There are nearly 21,000 more MLOs eligible to renew their licenses than this time last year. In addition, the number of individual state licenses eligible for renewal is 13 percent higher than the same time last year, while the number of company licenses eligible for renewal is up 16 percent compared to this time last year.

Information on NMLS renewal is available on the Annual Renewal page of the NMLS Resource Center (www.nmls.org). To find specific guidance under the California Financing Law, begin by selecting “California” on the State Licensing page and follow the links to the transition checklists for the Financing Law.

Federally registered MLOs and institutions must also renew their registrations via NMLS by Dec. 31. More information for federal registrants is available on the NMLS Federal Registry Resources page.

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