California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
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
California nonbank consumer lenders are moving away from small-dollar short-term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the...more
The California Department of Business Oversight (DBO) has issued its long-awaited draft regulations to implement SB 1235, a 2018 law requiring consumer-like disclosures for commercial financing in California. The DBO has...more
The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm. But will...more
Small-dollar lending made headlines recently, with a group of 14 attorneys general responding to the Federal Deposit Insurance Corporation’s (FDIC) request for information (RFI) on the subject and a new California Department...more
The California Department of Business Oversight (DBO) has started the process of developing regulations to implement SB 1235, which imposes new disclosure requirements for commercial financing in the state....more
In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders...more
Following in the recent footsteps of the California attorney general’s lawsuit against the country’s largest student loan servicer, the state’s Department of Business Oversight (DBO) sent letters to 12 servicers seeking...more
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell...more
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
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
10/14/2016
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Department of Business Oversight ,
Federal Trade Commission (FTC) ,
Kickbacks ,
Lead Generators ,
Mortgages ,
PHH Corp. v CFPB ,
RESPA ,
Truth in Lending Act (TILA)
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
Why it matters -
At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more