DFPI Escrow Advisory Committee Meeting Minutes

settlement funds

t provided licensees follow this guidance. If the industry believes provisions of the escrow law may be amended to allow remote work without weakening the protection for consumer funds, the industry may start a dialogue with the DFPI to find a workable path which satisfies a business need and the need for consumer protection. The two needs are not mutually exclusive. The escrow program continuously reviews escrow licensee’s remote work arrangements. It assesses the risk of cyber-attack, employee theft, and breach of consumer confidential information at a remote work location. It also assesses

consumer protection

t provided licensees follow this guidance. If the industry believes provisions of the escrow law may be amended to allow remote work without weakening the protection for consumer funds, the industry may start a dialogue with the DFPI to find a workable path which satisfies a business need and the need for consumer protection. The two needs are not mutually exclusive. The escrow program continuously reviews escrow licensee’s remote work arrangements. It assesses the risk of cyber-attack, employee theft, and breach of consumer confidential information at a remote work location. It also assesses

trust account

ublic places such as a coffee shop. Cassel commented the difference between a branch office and an employee remote home office may be that the branch office has a branch trust account attached to it. 8. Closing remarks Liang thanked everyone for calling-in and their participation. The next meeting is scheduled for June 7, 2022, from 10:00 a.m. to noon. Meeting announcement will be posted on the department’s website. At about 12 noon, the meeting adjourned. Page 4 of 4

cybersecurity

onsumer protection. The two needs are not mutually exclusive. The escrow program continuously reviews escrow licensee’s remote work arrangements. It assesses the risk of cyber-attack, employee theft, and breach of consumer confidential information at a remote work location. It also assesses whether a licensee’s bonds would cover loss at a remote-work location, and how licensee maintains its books and records remotely. It is unclear how remote work would affect current branch offices. About one-third of licensed locations are escrow branch offices. Whether some of those branch licenses would be

education

tection and Innovation Represented by: Paul Liang, Special Administrator – Licensing Gary Suzuki, Special Administrator - Regulatory Committee Members Via Call-In to the Conference Line: Benjamin Griffin, Griffin, P.C. / Attorney Bill Nelson, Express Escrow, Inc. / Chairperson – EAFC** Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson EIC * Heather Siracusa, Orchard Hills Escrow, Inc. / Small Business Heidi Cassel, Solaris Escrow, Inc. / Medium Sized Escrow Company Jeff Behm, Baldwin Moffitt Behm LLP, Certified Public Accountant Juliana Tu, Viva Escrow! Inc. / Business Specia