2015 Press Releases
- 12/11/2015 - California DBO Announces Inquiry into ‘Marketplace’ Lending Industry (PDF)
The California Department of Business Oversight (DBO) today announced an inquiry into the growing marketplace lending industry.
- 11/19/2015 - DBO Announces $10.1 Million Settlement with Sherman Oaks-Based Prospect Mortgage (PDF)
The Department of Business Oversight (DBO) today announced Prospect Mortgage, LLC will pay $10.1 million in borrower restitution and penalties under a national settlement that resolves allegations the firm violated numerous federal and state laws.
- 11/18/2015 - CashCall Pays Nearly $1 Million of Restitution to California Borrowers Under DBO Settlement (PDF)
The Department of Business Oversight (DBO) today announced CashCall, Inc. paid almost $1 million of restitution to more than 7,000 California consumers under the settlement of a DBO enforcement action that alleged the lender misled and overcharged borrowers
- 10/01/2015 - DBO Moves to Stop Arcadia-Based Securities Fraud Scheme Linked to Digital Currency (PDF)
The California Department of Business Oversight (DBO) today moved to stop an alleged Arcadia-based securities fraud scheme that markets a digital currency called Gemcoin, billed as better than Bitcoin. DBO officials estimate the fraud has victimized hundreds of Californians and thousands nationwide.
- 09/17/2015 - DBO Commissioner Urges Banks, Credit Unions to Help Fire-Damaged Communities
Department of Business Oversight (DBO) Commissioner Jan Lynn Owen today called on state-chartered banks and credit unions to be leaders in efforts to help communities recover in four fire-damaged counties.
- 07/22/2015 - DBO Announces Record $40 Million
Settlement with Citi Subsidiary Banamex USA (PDF)
SACRAMENTO – The Department of Business Oversight (DBO) today announced Citigroup subsidiary Banamex USA (BUSA) will pay the State $40 million in civil penalties to resolve allegations Banamex violated federal laws that require banks to maintain adequate anti-money laundering programs.
- 07/10/2015 - Auto Title Lending Continued California Surge in 2014, DBO Report Shows (PDF)
SACRAMENTO â€“ The number and total dollar value of California auto title loans in 2014 grew by more than 10 percent from 2013, according to a report published today by the Department of Business Oversight (DBO). The stateâ€™s auto title loan market has more than doubled since 2011.
- 07/09/2015 - DBO Survey Details Growth in Payday Loan Borrowing Among Older Californians (PDF)
SACRAMENTO â€“ Older Californians in 2014 increased their payday loan borrowing at a significantly higher rate than payday customers as a whole, according to industry survey results released today by the Department of Business Oversight (DBO).
- 06/16/2015 - California Payday Lending Activity Increased in 2014, DBO Report Shows (PDF)
California payday lending activity in 2014 increased from the prior year, but the average size of transactions and average annual percentage rate (APR) of fees declined, according to a report released today by the Department of Business Oversight (DBO).
- 06/09/2015 - DBO Commissioner Owen Names FIS as Independent Auditor for Ocwen Loan Servicing (PDF)
Department of Business Oversight (DBO) Commissioner Jan Lynn Owen today named Fidelity Information Services (FIS) as the independent, third-party auditor that will review the California mortgage servicing operations of Ocwen Loan Servicing, LLC.
- 05/15/2015 - DBO Sues Nationwide Biweekly Administration for Charging Excessive Fees, Unlicensed Activity (PDF)
The Department of Business Oversight (DBO) today filed a lawsuit against Nationwide Biweekly Administration (Nationwide) alleging the debt payment firm has charged excessive fees and operated in California without a required license.
- 04/07/2015 - DBO Announces Effort to Fight Search Engine Advertising by Unlicensed Payday Lenders (PDF)
The Department of Business Oversight (DBO) today announced an initiative to ensure major Internet search engine firms block advertising in California by unlicensed payday lenders.
- 03/06/2015 - State Alerts Consumers about Companies That Offer to Help Recover Lost Investments (PDF)
The Department of Business Oversight (DBO) today urged consumers to be wary of companies that offer to help them recover lost investments if they pay thousands of dollars up front.
- 02/05/2015 - Lender CashCall to Pay Restitution, $1 Million in Penalties and Costs to Settle Case with DBO (PDF)
The Department of Business Oversight (DBO) today announced a settlement with CashCall, Inc. that requires the lender to provide restitution to thousands of California borrowers, reform its business practices, and pay the DBO $1 million in penalties and cost reimbursement.
- 01/27/2015 - DBO Commissioner Owen Clarifies Coinbase Exchange's Regulatory Status in California (PDF)
Numerous press accounts about Coinbase's Jan. 26 launch of Coinbase Exchange erroneously reported the Exchange has received regulatory approval from the State of California. The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state's Money Transmission Act. California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.
- 01/23/2015 - Ocwen Agrees to $2.5 Million Settlement for Failing to Provide Loan Information (PDF)
The California Department of Business Oversight (DBO) announced a $2.5 million settlement today with Ocwen Loan Servicing, LLC over the firm's failure for more than a year to provide loan information needed by the DBO to assess Ocwen's compliance with state mortgage lending laws.