WASHINGTON — Clothilde "Cloey" Hewlett, commissioner of the California Department of Financial Protection and Innovation, will retire at the end of the year, her office confirmed on Monday.
Hewlett will exit the California financial regulator after being
During her time at the agency, Hewlett oversaw the further expansion of the DFPI's powers,
"These regulations take an innovative approach to overseeing emerging financial service providers and will help the DFPI protect consumers across a range of products and services in need of formal oversight here in California," Hewett said in an
The House Financial Services Committee dug into regulators' plans for the interim period before President-elect Trump takes office, and lobbed pointed questions at Federal Deposit Insurance Corp. chair Martin Gruenberg, who several members said should have resigned his post amid a sexual harassment scandal at the agency.
She also led the state regulator as it seized Silicon Valley Bank, the failed large regional institution that set off turmoil in the banking industry last year.
"The DFPI is committed to working with federal regulators to develop stronger and more effective systems to promptly remediate deficiencies and better allocate staff according to risk," she said in testimony to the House Financial Services Committee last year. "The DFPI will increase its focus on a bank's level of uninsured deposits and require banks to evaluate and account for emerging risks posed by technology-enabled activities such as social media and real-time withdrawals."
Hewlett started her career as a prosecutor in the San Francisco District Attorney's office and later worked as a lawyer in private practice, representing financial services firms among other clients, before returning to state government. She also ran the alumni association at the University of California-Berkeley, her alma mater for both college and law school.
The regulator has not said what career move she'll make next.
