News & Analysis as of

Borrowers Department of Business Oversight

Manatt, Phelps & Phillips, LLP

FTC Commissioner Targets Merchant Cash Advance Industry

What happened - On August 3, 2020, the Federal Trade Commission (FTC) filed a complaint against a merchant cash advance (MCA) provider and two of its officers, alleging misconduct ranging from grossly misrepresenting the...more

Manatt, Phelps & Phillips, LLP

California DBO Challenging Transactions as Disguised Loans

Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from...more

Manatt, Phelps & Phillips, LLP

Alleged Overcharges Cost Mortgage Lender $1.4M With California's DBO

The California Department of Business Oversight (DBO) reached a $1.4 million deal with a mortgage lender after taking action based on alleged overcharges of per diem interest to California borrowers....more

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