California DFI Commissioner Determines "Extraordinary Situation Exists"

SAN FRANCISCO – The Department of Financial Institutions on Oct. 28, after determining that an “extraordinary situation exists” in counties in Southern California that have been proclaimed in state of emergency by the Governor due to the raging wildfires there, authorized financial institutions located in the counties of Los Angeles, San Bernardino, San Diego, and Ventura to close any or all of their offices affected. Commissioner of Financial Institutions, Donald Meyer, pursuant to California Financial Code Section 3600 said, “Any office or offices so closed shall remain closed until the Commissioner proclaims the extraordinary situation has ended or until such time as the officers of the financial institution determine that one or more closed offices should reopen.” Financials that need to relocate offices or set up temporary offices will be allowed to do so without observing the normal application procedures. The Commissioner has requested that financial institutions that decide to do so to notify the DFI by phone, email, or fax. Meyer also urged financial institutions to review their lending policies in order to grant appropriate latitude to area residents affected by the fires “and to expedite the extension of new credit to finance cleanup or rebuilding.” Lastly, he requested that financial institutions in the affected areas contact the appropriate Assistant Deputy Commissioner for an extension of time should an extension be needed to meet any regulatory reporting requirement