meeting minutes - 2023-09-12
DFPI Escrow Advisory Committee Meeting Minutes
meeting minutes from California Department of Financial Protection and Innovation with public discussion or agenda items touching settlement funds, consumer protection, education, licensing, and examinations.
Source-Extracted Passages
These excerpts are mechanically extracted from the official source text and are shown only to explain why the record matched a topic.
settlement funds
l continue to conduct examinations on a risk-based Page 1 of 3 model. The primary objective of escrow examination should be conducting risk-based examinations to protect consumer funds, not generating examination fees. Garcia commented that escrow program’s budget lacks transparency. Liang responded that Garcia or any member of the public may submit a public record act request to obtain a copy of escrow program’s revenue and expenditures report from DFPI’s budget office. If anyone has questions about any items in the report, DFPI budget may provide clarifications upon request. Garcia stated EI
consumer protection
l continue to conduct examinations on a risk-based Page 1 of 3 model. The primary objective of escrow examination should be conducting risk-based examinations to protect consumer funds, not generating examination fees. Garcia commented that escrow program’s budget lacks transparency. Liang responded that Garcia or any member of the public may submit a public record act request to obtain a copy of escrow program’s revenue and expenditures report from DFPI’s budget office. If anyone has questions about any items in the report, DFPI budget may provide clarifications upon request. Garcia stated EI
education
ESCROW ADVISORY COMMITTEE MEETING September 12, 2023 10:00 AM – 12:00 PM 300 S. Spring St., 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, Assistant Deputy Commissioner Gary Suzuki, Special Administrator – Regulatory Sultanna Wan, Special Administrator - Licensing Committee Members: Benjamin Griffin, Griffin, P.C. / Attorney Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson
licensing
ed by: Sheila Oliver, Deputy Commissioner Paul Liang, Assistant Deputy Commissioner Gary Suzuki, Special Administrator – Regulatory Sultanna Wan, Special Administrator - Licensing Committee Members: Benjamin Griffin, Griffin, P.C. / Attorney Claire Bartos, Las Brisas Escrow, Inc. / Immediate Past Chairperson EIC * Heidi Cassel, Solaris Escrow, Inc. / Medium Sized Escrow Company 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
examinations
throughout the years. Licensees are still paying an assessment rate from 13 years ago. The escrow program cannot continue to effectively operate when the assessments and examination billings cannot sustain the operation. Although the program may conduct examinations in shorter exam cycle to generate more examination billings, program will continue to conduct examinations on a risk-based Page 1 of 3 model. The primary objective of escrow examination should be conducting risk-based examinations to protect consumer funds, not generating examination fees. Garcia commented that escrow program’s bud
What this record does not show
This does not show private-file review, total fraud activity, unpublished regulator work, legal conclusions, compliance status, negligence, or whether any office changed behavior.