What Does the Department of Financial Protection and Innovation Do?


In California, the supervision and licensing of financial service providers or similar institutions are done by the Department of Financial Protection and Innovation. This department used to be known as the Department of Business Oversight. The Department is responsible for licensing and the monitoring of licenses for all kinds of financial institutions, banks, credit unions, and other financial service providers. The main stated goal of the Department of Financial Protection and Innovation, like other state licensing authorities, is the protection of the public. 

Financial scams and unethical behavior are unfortunately too common in today’s landscape. Complaints against licensees can be filed with the Board, which can trigger an investigation that can lead to the suspension, sanction, or revocation of a license to practice. If you are facing an allegation of misconduct from the Department of Financial Protection and Innovation, it is important to speak to an experienced professional license defense attorney right away.


In working towards achieving the main goal of protecting the public, the Department of Financial Protection and Innovation determines who will be licensed to do business within the state. If the applicant has previous criminal convictions, financial issues, or untrue statements on his or her application, then the applicant can be denied a license. If your license is denied by the Department of Financial Protection and Innovation, then you will receive a statement of issues describing why your license was denied. You have 15 days from the date the statement of issues letter is postmarked to appeal a denial of a license. 


All licensees are subject to investigation and disciplinary measures for any violations of law, ethics, or other forms of misconduct. If a complaint is filed against you, then you may receive a formal notice of accusation from the Department of Financial Protection and Innovation. You have 15 days from receipt of the notice to file a notice of defense if you intend to defend yourself against the accusation. If you do not file a timely notice of defense, then your license to practice will be suspended or revoked pending the final determinations of the Board. You may be able to reach a stipulation agreement that resolves the case and predetermines any punishment. 

If you have legal questions regarding an investigation or disciplinary action, then call us at the S.J. Harris Law Office today! 


The S.J. Harris Law Office is proud to offer FREE 30-minute consultations to all prospective clients. We understand that state-licensed professionals require representation that values discretion and privacy. Anything discussed during a consultation will be protected by the attorney-client privilege. At S.J. Harris Law, we put our focus on preserving three things; your license, your reputation, and your future. Let our experience go to work for you today. Call us at (310) 361-8585 or contact us online for a free consultation.

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When dealing with these complex issues, you need legal representation that has a long track record of success in these types of cases. Scott Harris and the rest of our team at S J Harris Law will be ready to help you pursue any option available that allows you to keep your license and continue working, no matter what industry you are in.


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