DFPI Escrow Advisory Committee Meeting Minutes

education

ESCROW ADVISORY COMMITTEE MEETING December 20, 2022 10:00 AM – 12:00 PM 300 S. Spring Street, 15th Floor Conference Room, Los Angeles, CA 90013 Or via. Microsoft Team Department of Financial Protection and Innovation Represented by: Sheila Oliver, Deputy Commissioner Paul Liang, Special Administrator – Licensing Gary Suzuki, Special Administrator – Regulatory Committee Members: Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson EIC * Jennifer Woodard, Oak Escrow Inc. / Vice Chairperson – EAFC Juliana Tu, Viva Esc

licensing

CA 90013 Or via. Microsoft Team Department of Financial Protection and Innovation Represented by: Sheila Oliver, Deputy Commissioner Paul Liang, Special Administrator – Licensing Gary Suzuki, Special Administrator – Regulatory Committee Members: Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson EIC * Jennifer Woodard, Oak Escrow Inc. / Vice Chairperson – EAFC Juliana Tu, Viva Escrow! Inc. / Business Specialization Larry Black via phone, Diamond Country Escrow, Inc. / Small Business Patricia J. (P.J.) Garcia, Beach Pacific Escrow, Inc./Chairperson EIC * * Escrow Institute of

enforcement

he advisory meeting is only two hours, program would prioritize agenda items to fit those most important and relevant to pressing matters into the two-hour timeframe. 5. Enforcement Actions and Licensing Update There is no update about enforcement actions taken since the last advisory meeting. Liang provided a brief licensing stats update. The number of licensed companies and the number of licensed locations is both increased from a year ago. The licensing trend still shows a trend of increasing. This trend is consistent during the four quarters of 2022. Larry Black asked if the DFPI has seen

escrow accounting software

sees. There were only about 40 companies responded to the survey. The ad hoc team will try to extend the survey for more participants to reply. The ad hoc team invited a software vendor to the team’s meeting to talk about how companies can protect themselves while working remotely. The ad hoc team meets biweekly. Page 1 of 3 PJ Garcia provided an update for the ad hoc team for audit regulation. The ad hoc team is working to identify provisions in the law that are not applicable or enforceable by the DFPI. Garcia gave an example about adding machine. The requirement to use an adding machine tap

remote work

es. Juliana Tu seconded the motion. The minutes was approved. 3. Ad Hoc Committee Sheila Oliver stated two Ad Hoc advisory teams were established in November to research remote work and audit regulation issues. The ad hoc teams will research subject matters and report back to the advisory group to assist DFPI understand these matters and how they impact the industry. Tu provided an update about the ad hoc team for remote work. Tu stated a survey was done to escrow licensees. There were only about 40 companies responded to the survey. The ad hoc team will try to extend the survey for more parti