✅ DFPI says: "We believe that the combination of access, low fees, favorable state laws, and expertise and experience of the Department’s staff, make the state charter the charter of choice for California financial institutions." [link]
"The Department’s familiarity with the unique competitive environment that California financial institutions face, allows for informed decision making and understanding of “local” issues."
"California state-chartered financial institutions have closer geographical proximity to their primary regulator; therefore, communication is more direct, timelier, and more effective."
✔ Why has the SAFE Credit Union Board decided to shaft California and to abandon this "regolamentazione paradiso"?!
✅ From a commenter: Anonymous May 7, 2026 at 12:59 AM "Regulators don't have grounds to not approve this merger."
😎 Sorry, you've got that dead wrong!
[STATE OF CALIFORNIA – DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION
SUMMARY OF MERGER APPROVAL PROCESS [link]]
"1. Commissioner approval: The merger must be approved by the Commissioner."
✅ Here are the "grounds" to not approve Scorecard to date: In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] and now this questionable "34% increase in money returned to them", 7) absence of an independent market valuation creates fiduciary breach legal target [link], and 8) there is a better offer! [link].
😎 Is the California DFPI "missing in action" (MIA) on the SAFE mega-me?
