The SAFE Merger Misadventure: DFPI Regulatiory Approval - Real Or Rubber?

   Where the rubber meets the road?

 ✅ Anonymous June 18, 2026 at 9:07 AM "They are a safety and soundness regulator. You are missing the point anyway. The DFPI has no grounds, under either safety or soundness concerns or consumer protection, not to approve this merger, provided there is a yes majority of voters." 

Our commenter from yesterday seems to believe that DFPI falls into the rubber stamp definition of regulators: "A  mostly powerless yet officially recognized body that routinely approves or endorses programs and policies initiated by a controlling party." Mighty harsh critique! Certainly no need to lobby for "deregulation" if true!

It is pretty clear the knavish SAFE Board and senior leadership do not believe DFPI's claim that "California is the credit union charter of choice"!   But, if this merger mistake comes up for a SAFE member vote: California and credit unions nationwide will have the chance to judge for themselves the regulatory rigor of DFPI.  

😎 For, as our commenter so correctly declares: "DFPI has no grounds ... not to approve this merger,  provided there is a yes majority of voters."

✔ California law explicitly states that a majority of all SAFE members must vote in favor of the merger proposal for it to be approved.  If a majority of all 245,000  SAFE members do not vote in favor of merger, the merger is not approved!  

  If 122,501 SAFE member-owners do not vote in favor of this "nothing-but-nonsense" merger, will DFPI follow the law and disapprove the merger or overrule SAFE members and the best interests of the people of California?

 California credit union regulation... real or rubber? 

The SAFE Mega-me Merger: Awaiting Regulatory Approvals?

                                    Awaiting A Regulatory Blessing?

According to the SAFE Board:  "The combination process includes regulatory approvals, detailed integration planning, and ultimately, a SAFE member vote."

As easy as 1-2-3! 1) Regulatory approvals, 2) a detailed integration plan, and ultimately 3) a SAFE member vote. And BINGO!, the 85-year SAFE Credit Union charter is no more!

😎 Does this official outline of the merger process from the SAFE leadership make sense? 

Of course it doesn't! Shouldn't the 11-member SAFE Board - with a legal, fiduciary duty to 245,000 members in California - feel some obligation to first discuss the reasons for leaving home, and eloping to Washington, for a marriage of convenience with this hussie Huskie? Say perhaps, with "the family" in Sacramento? 

✔ Have the 245,000 SAFE member-owners requested this merger? No!

✔  Have the 245,000 SAFE members seen the "definitive merger agreement"? No!

✔  Have the 245,000 SAFE members been asked for input? No!

✔  Are the 245,000 SAFE members aware of the financial disadvantages of this merger [link]? No.

✔ Will the majority of all 245,000 SAFE members vote for this merger? No!

😎  Will   - a regulatory agency steeped in its role of consumer protection - approve a shotgun marriage?

  Department of Financial Protection and.. I do? Such a tinder moment!