On September 3, 2024, Governor Gavin Newsom proclaimed a state of emergency in the City of Rancho Palos Verdes, CA.
The California Department of Financial Protection and Innovation (DFPI) has issued guidance directed to financial institutions, lenders, and mortgage servicers in California whose customers may be experiencing financial hardship as a result of ongoing land movement that has disrupted utility services and evacuation warnings for impacted residents in the City of Rancho Palos Verdes, CA.
The commissioner encourages financial institutions, lenders, and servicers to work constructively with their customers and propose solutions to meet their lending needs as the recovery continues.
The commissioner also acknowledges that some licensees may experience an increase in delinquent or nonperforming loans and troubled debt restructures. This guidance does not modify any existing law or regulation.
Read the full guidance here.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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