The April 2022 DFPI Bulletin focuses on a CalMoneySmart grants for financial education nonprofits, and the 2022 Community Bank Sentiment Index, among other topics.

Editor’s note — The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight) supervises, licenses, and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Alongside the California Department of Real Estate (DRE), the DFPI shares the responsibility for overseeing MLOs depending on their license use.

Licensees, read on to stay ahead of April 2022’s MLO news and events below.

CalMoneySmart grants for nonprofit financial educators

The CalMoneySmart grant application is now available for the 2022-2023 fiscal year. Nonprofit financial educators can submit their applications via the CalMoneySmart Online Portal. The deadline to apply for this round of grant funding is April 29, 2022, at 5 p.m. PT. For more information, visit the CalMoneySmart Website or email

The DFPI has previously hosted two informational webinars regarding the grant program. The webinars covered the history of the program, information regarding eligibility, what to expect on this year’s application, and additional questions from applicants. If you were unable to attend the webinars, access the recordings anytime on the CalMoneySmart Webinar and Resources webpage.

Escrow Reports Due

For escrow agent licensees whose fiscal year ended on December 31, 2021, annual reports were due April 15, 2022. Licensee may submit their reports by email to or mail to:

Sultanna Wan, Senior Financial Institutions Examiner, Escrow Law
Department of Financial Protection and Innovation
320 West Fourth Street, Suite 750, Los Angeles, CA 90013

For questions regarding the annual reports, contact Sultanna Wan at (213) 576-7647.

The penalties for failing to file this report by the due date or to include required information are $100 per day for the first five days a report is late, and $500 per day thereafter. It may also result in the suspension or revocation of an escrow agent’s license, and even trigger an immediate examination.

Holden Act Reports Due

For the 2021 calendar year, MLO licensees must file their Residential Mortgage Loan Report (also known as Holden Act Report) no later than June 13, 2022.

Please note: the submission filing deadlines have been updated, and you may disregard the previous March 31, 2022, due date. Those who had not submitted their report before March 31, 2022, will have no action taken against them.

Licensees are advised to consult with their internal compliance officers regarding whether they are required to file the report. Instructions and reporting forms may be found at the DFPI website.

Information regarding the report may be obtained by calling (866) 275-2677. Finished reports may be emailed and scanned on or before June 13, 2022 to

2022’s Community Bank Sentiment Index

The Conference of State Bank Supervisors (CSBS) Community Bank Sentiment Index (CBSI) is an index created by polling community bankers around the country every quarter. The questions relate to their outlook on the economy, and then their answers are analyzed and compiled into a single number. An index reading of 100 indicates a neutral sentiment, while anything above 100 indicates a positive sentiment, and anything below 100 indicates negative sentiment.

The CSBS released the first quarter 2022 CBSI results on April 6, 2022, based on data collected from community banks nationwide during March. The results showed a negative sentiment index of 97 points, dropping four points from the last quarter at 101 and from 115 points of 2021’s first quarter reading.

Another concerning result from the report highlights that community bankers are pessimistic about future business conditions. This indicator dropped 27 points since the last quarter, for a total of 61 points since last year.

On the plus side, community bankers are becoming more optimistic about profitability. This component boasted the greatest quarterly improvement, up 17 points for a total of 68 points in Q1 2022.

Franchise Renewal Season

As of November 1, 2021, the DFPI requires that all franchise applications are to be filed electronically through DocQNet. The portal is critical in that it streamlines renewal application review — the DFPI expects to receive over 1,000 applications in the next 90 days.

To minimize delays and additional costs in the application process, the following items must be submitted to the DFPI by the April 20, 2022, 12 p.m. PT submission deadline (for franchisors with a calendar fiscal year end):

  1. Filing Fee – see Corporations Code section 31500 [Filing Fee].
  2. Franchise Disclosure Document (FDD) [FDD] – complete a clean and marked copy as applicable under Rule 310.122.1.
  3. Required Document Attachments – see Corporations Code sections 31116 and 31121 [Required Documents].

For more information or assistance with your application, email the DFPI’s Securities Regulation Unit at

New Deputy Commissioner for External Affairs

In March, Governor Gavin Newsom announced the appointment of Adrian Diaz as Deputy Commissioner of External Affairs for the DFPI. He has been based out of the San Francisco office as of April 11, 2022.

Diaz’ duties as Deputy Commissioner for External Affairs will include:

  • providing strategic advice and management regarding high-profile stakeholder engagement issues;
  • managing new and existing external committees, workgroups, and task forces; and
  • leading special projects that cross internal divisions and/or have a high level of scrutiny from the Legislature, the Governor’s office, or key

That’s a wrap on the April 2022 DFPI Bulletin. Find out more about the topics mentioned here by reading the full bulletin on the DFPI website.