SACRAMENTO, Calif. (1/14/13)--California's Department of Financial Institutions is eliminating hard copy examination reports, it told the state-chartered credit unions and banks it regulates.
In 2013, credit unions and banks' examination reports will be delivered in a PDF format by secure e-mail to the institution and the federal regulator (Monthly Bulletin Jan. 11). Paper copies will not be saved in DFI's file system or mailed.
"It is expected that this move will reduce the department's paper and postage costs and the need for file storage space," DFI said. It also means that the licensees and their federal regulators would get the reports sooner than if the reports were sent by postal mail.