Recently, the governor’s office released a “Project Initiation Document (PID),” which details the implementation of the Governor’s Reorganization Plan (GRP) relative to the Department of Financial Institutions (DFI), the Department of Corporations (DOC) and the creation of the Department of Business Oversight (DBO). As we have previously reported, the DBO will function as the department that supervises the activities of the DFI and the DOC, and both DFI and DOC will become divisions within DBO.

This initial implementation document does not adequately address concerns expressed by CBA relative to the stature and independence of the DFI Commissioner. Although the organizational structure of DBO does not meet our expectations, CBA will continue to work with the governor and his administration, as well as the Legislature, during the consideration of follow-up legislation that will be advanced this year.

If you have any questions, please contact Alex Alanis, VP, state government relations at aalanis@calbankers.com.