DFPI Escrow Advisory Committee Meeting Minutes

settlement funds

ount. In addition to sharing the crypto survey results, Liang also surveyed advisory members whether any industry representatives were aware of escrow companies having a trust account opened with Silicon Valley Bank. Industry representatives were not aware of any escrow companies affected by the bank run at Silicon Valley Bank. Advisory members and members of the public discussed FDIC insurance limit and how the escrow industry worked with the FDIC in the 90s after FDIC took Guardian Bank under receivership. 5. Field Examinations Suzuki informed the advisory members that the escrow law program

trust account

ount. In addition to sharing the crypto survey results, Liang also surveyed advisory members whether any industry representatives were aware of escrow companies having a trust account opened with Silicon Valley Bank. Industry representatives were not aware of any escrow companies affected by the bank run at Silicon Valley Bank. Advisory members and members of the public discussed FDIC insurance limit and how the escrow industry worked with the FDIC in the 90s after FDIC took Guardian Bank under receivership. 5. Field Examinations Suzuki informed the advisory members that the escrow law program

education

ESCROW ADVISORY COMMITTEE MEETING March 14, 2023 10:00 AM – 12:00 PM 320 West 4th Street, 7th 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, Portfolio Manager Gary Suzuki, Special Administrator – Regulatory Committee Members: Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson EIC * Heidi Cassel, Solaris Escrow, Inc. / Medium Sized Escrow Company Juliana Tu, Viva Escrow! Inc. /

licensing

or organizational alignment to provide regulatory support and supervision to the industry. In the past, the escrow program had only one special administrator who managed licensing, examination, and administrative functions. As both the industry and the program grew during the past ten years, the program divided up the above three functions to have one licensing special administrator to manage both licensing and administrative functions, and one regulatory special administrator to manage the exam functions. The DFPI will divide up the duties and responsibilities for the licensing special admini

examinations

tional alignment to provide regulatory support and supervision to the industry. In the past, the escrow program had only one special administrator who managed licensing, examination, and administrative functions. As both the industry and the program grew during the past ten years, the program divided up the above three functions to have one licensing special administrator to manage both licensing and administrative functions, and one regulatory special administrator to manage the exam functions. The DFPI will divide up the duties and responsibilities for the licensing special administrator and