News & Analysis as of September 19, 2024

Mortgages › Department of Business Oversight

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

California’s Debt Collection Licensing Act Moves One Step Closer to Becoming Law

Troutman Pepper on 8/20/2020

In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA)....more

California’s DBO Updates its COVID-19 Guidance for Financial Institutions

Sheppard Mullin Richter & Hampton LLP on 4/2/2020

On March 16, 2020, California Governor Gavin Newsom released an Executive Order (N-28-20) aimed at protecting renters and homeowners from losing their homes or suffering further financial hardship as a result of the COVID-19...more

DBO Proposes To Transition All CFL Licensees To NMLS

Allen Matkins on 11/19/2019

The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS). In 2008, Congress enacted the Secure and Fair...more

Consumer Financial Services Law - October 2016

Manatt, Phelps & Phillips, LLP on 10/14/2016

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

Goodwin on 10/6/2016

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

California DBO Reports on Jump in Nonbank Installment Consumer Lending

Manatt, Phelps & Phillips, LLP on 8/26/2016

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

Commissioner Signals Intent To Expand Authority Over Federal Bank Subsidiaries

Allen Matkins on 4/30/2014

Last month, Commissioner of Business Oversight Jan Owen issued an invitation for comment on two proposed rules that would subject non-depository operating subsidiaries, affiliates and agents of federal banks and other...more

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