It is the Department of Financial Protection and Innovation. The name became official on September 29, 2020. Before that date it was known as the Department of Business Oversight. That name was adopted on July 1, 2013 when the Department of Corporations and the Department of Financial Institutions were merged. “A rose by any other name would smell as sweet.”
Why? This is a modernization of the DBO to enhance its regulatory scope and become a national model for consumer protections. Also, there will be an increase in staff and authority. Modeled after the Consumer Financial Protection Bureau, it was designed to promote innovation, clarify regulatory hurdles for emerging products, and increase education and outreach for vulnerable groups.
We so appreciate all of the Mortgage Loan Licensees (formerly DBO) who attend our MLO Continuing Classes. We will now properly call you DFPI students. See you in class.