Press Releases Press Releases

2016 Press Releases

  • DBO Wins Landmark California Supreme Court Ruling in Major Tribal Payday Lending Case
    12/22/2016
    SACRAMENTO – The California Department of Business Oversight (DBO) today won a State Supreme Court decision in a landmark case involving the issue of private payday lenders who try to use tribes’ sovereign immunity to avoid state licensing and consumer protection laws.(PDF) (HTML)

  • Payday Loan Storefronts Concentrated in High-Poverty Areas, DBO Research Brief Shows
    12/07/2016
    SACRAMENTO – The California Department of Business Oversight (DBO) today released a research brief that shows payday loan storefronts are concentrated in areas with higher family poverty rates than statewide ratios(PDF) (HTML)

  • DBO: PrimeLending to Pay $1.6 Million-Plus to Settle Mortgage Interest Overcharge Case
    11/07/2016
    SACRAMENTO – The Department of Business Oversight (DBO) today announced a settlement with PrimeLending that requires the mortgage lender to pay more than $1.6 million to resolve allegations it overcharged hundreds of California borrowers for interest.(PDF) (HTML)

  • CA DBO Announces $2.7 Million Settlement with LendUp to Redress Widespread Violations of Payday, Installment Loan Laws
    09/27/2016
    The California Department of Business Oversight (DBO) today signed a settlement with Flurish, Inc. (LendUp) that requires the firm to pay $2.68 million to resolve allegations it charged illegal fees and committed other widespread violations of payday and installment lending laws.(PDF) (HTML)

  • CA DBO Banks, Mortgage Programs Pass Accreditation Tests by Conference of State Bank Supervisors
    09/12/2016
    The California Department of Business Oversight (DBO) today announced its Banks and Mortgage divisions have passed accreditation evaluations by the Conference of State Bank Supervisors (CSBS)(PDF) (HTML)

  • Mortgage Lending by Non-Banks Increased at Fast Pace in 2015, DBO Report Shows
    07/11/2016
    Mortgage lending by non-banks in California increased substantially in 2015, measured both in volume and principal amount, according to a report released today by the Department of Business Oversight (DBO)(PDF) (HTML)

  • Payday Loan Customers with 10 Transactions Outnumbered Those with One in 2015
    07/06/2016
    The number of California payday loan customers who made 10 transactions in 2015 outnumbered those who made just one, according to a report released today by the California Department of Business Oversight (DBO)(PDF) (HTML)

  • California Installment Consumer Lending by Non-Banks Grew Almost 50% in 2015
    06/30/2016
    The combined dollar amount of installment consumer loans made by non-banks in California grew almost 50 percent in 2015, while most borrowers in the highest-volume category of loans paid annualized rates of 100 percent or higher, according to a report released today by the Department of Business Oversight (DBO)(PDF) (HTML)

  • California Online Lending Grows by More Than 930% Over Five Years
    04/08/2016
    Financing provided to California consumers and small business by 13 major online lenders increased by 936% from 2010-2014, to $2.3 billion, and the state’s growth rate exceeded the national pace by 236 percentage points, according to data the firms supplied in a Department of Business Oversight (DBO) survey.(PDF) (HTML)