Published • loading... • Updated
California Orders Lenders to Report on Their Handling of Insurance Payouts to LA Fire Survivors
The state gave lenders two weeks to report delays, and officials said they may impose fines after receiving more than 160 complaints.
- On Thursday, California officials ordered mortgage lenders to report on how they handled insurance payouts for survivors of the 2025 Los Angeles-area fires, seeking to speed up funds released to homeowners.
- The Palisades and Eaton fires destroyed more than 16,000 homes and structures in Los Angeles, raising ongoing questions about who should bear the financial costs of California's wildfires.
- Since January 2025, the Department of Financial Protection and Innovation has received more than 160 complaints regarding payment delays; regulators now require data from lenders taking longer than 10 days to distribute proceeds.
- DFPI Commissioner KC Mohseni announced the department will take action, including potential fines, against institutions that unnecessarily delay payouts, stating lenders must not stand in families' way.
- Nearing the end of his nearly eight-year tenure, Governor Gavin Newsom pushed for insurance reforms while the state gave lenders two weeks to submit their required reports on held proceeds.
Insights by Ground AI
17 Articles
17 Articles
California orders lenders to report on their handling of insurance pay
SACRAMENTO, Calif. (AP) — California officials on Thursday will order mortgage lenders, including banks and credit unions, to report on how they have handled insurance payouts to survivors of the 2025 Los Angeles-area fires . The California
·Baltimore, United States
Read Full Article
California orders lenders to report handling of insurance payouts to fire survivors
California officials on Thursday will order mortgage lenders, including banks and credit unions, to report on how they have handled insurance payouts to survivors of the 2025 Los Angeles-area fires.
·New York, United States
Read Full Article
Winnipeg Free Press+13 Reposted by 13 other sources
California orders lenders to report on their handling of insurance payouts to LA fire survivors
SACRAMENTO, Calif. (AP) — California officials on Thursday will order mortgage lenders, including banks and credit unions, to report on how they have handled insurance payouts to survivors of the 2025 Los Angeles-area fires.
·Winnipeg, Canada
Read Full ArticleCoverage Details
Total News Sources17
Leaning Left8Leaning Right1Center7Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 44%
Factuality
To view factuality data please Upgrade to Premium
