News & Analysis as of

Department of Business Oversight

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

CFPB and California Announce Enforcement Actions Against Online Lender

by MoFo Reenforcement on

On Tuesday, September 27, 2016, the CFPB and the California Department of Business Oversight (“DBO”) announced separate enforcement actions against Flurish, Inc., an online lender that does business as “LendUp” in California...more

CFPB and California DBO Settle with Online Lender Over Alleged Misrepresentations

by Goodwin on

On September 27, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender, after a joint investigation with the California Department of Business Oversight...more

California DBO Reports on Jump in Nonbank Installment Consumer Lending

According to a new report from the California Department of Business Oversight (DBO), installment consumer lending by nonbanks grew almost 50 percent in 2015, with the majority of loans between $2,500 and $5,000 featuring an...more

California Digital Currency Regulation Is On Again and Then Off Again

by Goodwin on

California first proposed a licensing framework for digital currency companies in February 2015, though the bill was inactive by September 2015. Just last week, California legislators introduced a bill that was amended from...more

FRANCHISOR 101: Outdated FDDs and Unregistered Franchises

by Lewitt Hackman on

The California Department of Business Oversight ("DBO") recently issued three Orders against franchisors for violating California's franchise laws....more

In The DBO’s World, Money, Money, Money Transmitters

by Allen Matkins on

Many may not realize that the Money Transmitter Division of the California Department of Business Oversight licenses and regulates money transmitters. Money transmitters include issuers of payment instruments (money orders),...more

The DBO Wants Your Social Security Number, But Is It Legal?

by Allen Matkins on

Readers will recall that last year the California legislature created a statutory exemption for finders from the California’s registration requirement for broker-dealers (Chap. 743, Stats. 2015). That exemption, codified at...more

How Much Does Your Banker Make?

by Allen Matkins on

In the midst of the Great Depression, The New Yorker published a poem by Ogden Nash entitled “Bankers Are Just Like Anybody Else, Except Richer”. But are bankers really wealthier than hoi polloi? The answer may be found in...more

68 Results
|
View per page
Page: of 3
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
Feedback? Tell us what you think of the new jdsupra.com!