News & Analysis as of

Banks Department of Business Oversight

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

Morgan Lewis on

A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

White & Case LLP

Key Regulatory Developments Impacting the California Lending and Payments Space

White & Case LLP on

The State of California is home to almost 40 million consumers and the world’s fifth largest economy. It represents a key exposure to most financial services companies’ US footprint. In recent years nonbank financial services...more

Allen Matkins

DBO Website Lists Central Locations For Service Of Process

Allen Matkins on

In a 2013 post, wrote about new legislation, AB 2364 (Wagner), intended to simplify the process for levying on bank accounts for both creditors and banks. AB 2364 required banks or financial institutions with more than nine...more

Allen Matkins

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

Allen Matkins on

Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

Allen Matkins

DBO Tables Financial Institutions' Central Locations For Service Of Legal Process

Allen Matkins on

Six years ago, I wrote about the enactment of legislation, AB 2364 (Wagner) intended to make it easier to levy on bank accounts. The law requires a bank or financial institution with more than nine branch offices within...more

Allen Matkins

Money, Money, Money . . .

Allen Matkins on

Last Friday's post was inspired by a recent article written by Daniel Sanches entitled"Bitcoin vs. the Buck: Is Currency Competition a Good Thing?" Economic Insights (Vol. 3, Issue 2, p. 9) in which he observes...more

Allen Matkins

How Much Does Your Banker Make?

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

Morrison & Foerster LLP

Narrowing of Licensing Exemption Under California Finance Lenders Law for Consumer Lenders and Brokers

The California Department of Business Oversight (the “CDBO”) has issued a new regulation that will eliminate a statutory licensing exemption under the California Finance Lenders Law (the “CFLL”) for nonbank operating...more

Allen Matkins

Commissioner Signals Intent To Expand Authority Over Federal Bank Subsidiaries

Allen Matkins on

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

Morrison & Foerster LLP

Proposed Narrowing of Licensing Exemption under California Finance Lenders Law

The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The...more

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