May 07, 2008
DFI Announces New Electronic Call Report
The California Department of Financial Institutions is in the process of testing an electronic quarterly call report which we have been developing for the past year. We intend to issue an order requiring all of our licensees to submit this form in lieu of the hard copy quarterly reports that are currently submitted. Our current plan is to require the call report for second quarter financials which are due on August 15, 2008.
We have conducted two rounds of testing with about 20 of our licensees, and based on the feedback we've received, we have revised the call report. We would like to include additional licensees in the testing process before we "go live" with the program.
The last round of testing is scheduled to begin May 14th thru June 4th. The test will consist of reading the call report instructions and then inputting data from a prior quarterly report into the electronic call report. Once the licensee has completed the test, we ask that you submit the test to the DFI via email as well as any feedback you have on the call report itself.
We are finishing up some minor revisions to the call report that we expect will be completed by next week, at which time we will email it to all of our licensees. We hope that each of you can participate in this test. Please block out time right now on your calendars to complete the call report sometime before June 4, 2008.
If you have any questions, please contact:
Deputy Commissioner - Money Transmitter Division
Department of Financial Institutions
111 Pine Street, Suite 1100
San Francisco, CA 94111-5613
(ph) (415) 263-8511
(fax) (415) 288-8830
Thank you for your participation.