News & Analysis as of

Department of Business Oversight

California Department of Business Oversight wins award for process improvements

by Ballard Spahr LLP on

On July 28, 2017, California Governor Jerry Brown’s Office of Business and Economic Development recognized the California Department of Business Oversight for a successful Lean Six Sigma project that dramatically reduced the...more

Negotiating Permits?

by Allen Matkins on

The title of yesterday’s post may have been a bit recondite for some readers as I never directly mentioned negotiating permits in the post. Therefore, today’s post will back up a bit and fill in some of the missing pieces....more

A Permit To Negotiate – Really?

by Allen Matkins on

It is sometimes forgotten that the California Corporate Securities Law of 1968 makes it unlawful to either offer or sell a security in California in an issuer transaction unless that the sale has been qualified or exempt from...more

California Finders Exemption Regulations Are Now Effective

by Allen Matkins on

The Commissioner of Business Oversight’s final regulations implementing a new exemption for finders from the broker-dealer provisions of the Corporate Securities Law took effect on June 21, 2017. See 10 CCR §§ 260.211.4,...more

California’s Regulation A Notice Filing Requirement

by Allen Matkins on

Two years ago, I posed the question: Will California Require Notice Filings For Regulation A Offerings? Corporations Code Section 25102.1(a) provides that offers and sales of to “qualified purchasers”, as defined by the...more

California Proposes To End Bylaw Amendment Reviews

by Allen Matkins on

Credit Unions got their start in Nineteenth Century Germany. In 1909, Roman Catholic textile workers opened the first credit union in the United States, St. Mary’s Cooperative Credit Association (later, renamed La Caisse...more

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

Key California Bank Regulator Retires

by Ballard Spahr LLP on

Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired. Mr. Dresslar joined the DBO in late 2014 after a long career...more

Will California Regulate Lead Generators?

by Allen Matkins on

In February, I wrote about SB 297 (Dodd) which as introduced would have required the licensing of finders under the California Finance Lenders Law, Cal. Fin. Code § 22000 et seq. In April, Senator Dodd amended SB 297 to,...more

California DBO Enters Into $1.4 Million Consent Order With Mortgage Lender Over Interest Charges

by Goodwin on

On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more

California’s Corporations Code And Securities Rules Are Rife With Errors

by Allen Matkins on

Spring is the traditional season for cleaning and California’s Corporations Code and securities rules are desperately in need of some tidying up. In a very quick and incomplete review of the Code and the Commissioner’s...more

Department Of Business Oversight Proposes Changes To Proposed Finders Rule

by Allen Matkins on

Last July, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the...more

Finance Lenders Annual Report Deadline Is Nigh

by Allen Matkins on

Lenders and brokers licensed under the California Finance Lenders Law must file an annual report by the Ides of March (i.e., March 15) of each year. Cal. Fin. Code § 22159. This is a hard deadline and the Department of...more

Mortgage Servicer Enters in to $225 Million Consent Order with California DBO

by Goodwin on

On February 17, 2017, the California Department of Business Oversight (California DBO) announced that it had entered in to a $225 million consent order with a national mortgage servicer following an investigation by a...more

Investment Advisers And Broker-Dealers Face Scant Likelihood Of California Examinations

by Allen Matkins on

The California Department of Business Oversight recently issued a report on its Broker-Dealer/Investment Adviser Program. This report was required by the Budget Act of 2014. Although short, the report provides some...more

The DBO As Religious Regulator

by Allen Matkins on

In December last, the Department of Business Oversight published the 2016 Commissioner’s Report on the Offer or Sale of Securities by Permit under Corporations Code Section 25113. This report, which is required by California...more

Commissioner Finds Funding Is Not A Sine Qua Non For Lender Status

by Allen Matkins on

The California Department of Business Oversight administers and enforces the California Finance Lenders Law, Cal. Fin. Code § 22000 et seq. The CFLL prohibits any person from engaging in the business of a “finance lender”...more

Unregistered Sales Of Certificates Of Deposit

by Allen Matkins on

Last spring, the California Department of Business Oversight warned consumers that two related companies have been offering unlicensed online securities broker-dealer services and “unregistered sales of certificates of...more

California’s Private Fund Adviser Exemption

by Allen Matkins on

Before the enactment of the Dodd-Frank Act in 2010, many advisers to alternative investment vehicles, such as hedge funds, private-equity funds, and venture capital funds relied on the Section 203(b)(3) exemption from...more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

Will New Rule 147A Lead To A Renaissance In California Permit Applications?

by Allen Matkins on

Yesterday, the Securities and Exchange Commission adopted a new intrastate offering exemption under the Securities Act of 1933. Significantly, new Rule 147A will have no restrictions on offers and will not require that an...more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

Financial Services Weekly News - October 2016

by Goodwin on

Editor's Note - Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more

Why You Should Have Read Last Week’s Posts On California’s D&O Loan Ban

by Allen Matkins on

I spent the better part of last week writing about California Corporations Code Section 315. The statute general prohibits a corporation (Section 162) from making a loan of money or property to, or guaranteeing the...more

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

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