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Press Releases

  • Movement Mortgage to pay more than $1.1 Million in Penalties and Refunds
    12/11/2017
    SACRAMENTO – The California Department of Business Oversight (DBO) today announced Movement Mortgage, LLC, a home mortgage lender based in South Carolina, has agreed to pay more than $1.1 million in penalties and customer refunds to resolve findings that it overcharged borrowers and serviced loans without a state license.(PDF) (HTML)

  • State-chartered banks authorized to close branches threatened by SoCal fires 
    12/06/2017
    SACRAMENTO – The California Department of Business Oversight (DBO) has issued advisories that authorize state-chartered banks in Los Angeles and Ventura counties to close offices as necessary in areas affected by ongoing fires.(PDF) (HTML)

  • DBO Announces $9.2 Million Settlement with Nationstar-Mr. Cooper Mortgage
    12/04/2017
    SACRAMENTO – The California Department of Business Oversight (DBO) today announced that Nationstar Mortgage, doing business as Mr. Cooper, has agreed to pay more than $9.2 million in refunds and penalties to resolve allegations that the Texas-based mortgage lender and servicer overcharged borrowers and failed to properly investigate consumer complaints.(PDF) (HTML)

  • Governor Brown signs nation’s toughest PACE consumer protections
    10/05/2017
    SACRAMENTO – Gov. Edmund G. Brown Jr. has signed legislation that establishes the nation’s most extensive set of consumer protections for California homeowners who finance energy-efficiency improvements through the Property Assessed Clean Energy, or PACE program. The legislation – AB 1284 by Assemblyman Matt Dababneh, D-Woodland Hills, and SB 242 by Sen. Nancy Skinner, D-Berkeley – gives the DBO broad new authority to enforce the consumer protections and regulate the growing PACE marketplace industry.(PDF) (HTML)

  • State Takes Possession of State Assistance Fund for Enterprise, Business and Industrial Development Corporation
    09/18/2017
    SACRAMENTO – The DBO announced today that it has taken possession of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation (SAFE-BIDCO), a state-chartered business and industrial development corporation based in Santa Rosa. The order states that years of operating losses have left SAFE-BIDCO in an unsafe and unsound condition, the organization does not have a viable plan for dealing with its condition and failed to comply with an earlier order to develop and submit a detailed liquidation plan. The DBO took possession of SAFE-BIDCO because the organization is licensed and supervised by the department.(PDF) (HTML)

  • More than 15 million Californians affected by Equifax hack 
    09/13/2017
    SACRAMENTO – The California Department of Business Oversight (DBO) today urged all Californians to check immediately and take protective measures if they are among those whose personal information may have been compromised in the massive Equifax data breach.(PDF) (HTML)

  • California Department of Business Oversight revokes license of Orange County investment advisor
    08/16/2017
    SACRAMENTO – The California Department of Business Oversight today announced the issuance of an order that revokes the license of an Orange County financial advisor accused of numerous violations of state securities laws and regulations, including failure to disclose large losses to investors, charging fees based on inflated account values and selling unregistered securities. In addition to revoking the investment adviser license of William Jordan Investments, Inc., the consent order bars the firm’s namesake and owner, William Michael Jordan, from future employment in the securities industry.(PDF) (HTML)

  • Installment Consumer Lending by Non-Banks Grew More Than 21 Percent In 2016
    07/10/2017
    SACRAMENTO – Installment consumer lending by non-banks in California increased more than 21 percent in 2016, to $41.3 billion, while the number of those loans grew nearly 6 percent, according to a report released today by the California Department of Business Oversight (DBO).(PDF) (HTML)

  • Payday lending slows statewide, but surges among senior citizens
    07/06/2017
    SACRAMENTO – Payday lending slowed in California in 2016 although it increased dramatically among senior citizens who for the first time took out more of the loans than any other age group, according to a report released today by the Department of Business Oversight.(PDF) (HTML)

  • DBO Announces $1.4 Million-Plus Settlement with Michigan-Based Mortgage Firm
    04/10/2017
    SACRAMENTO - The Department of Business Oversight (DBO) today announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in refunds and penalties to resolve allegations the mortgage lender and servicer overcharged thousands of California borrowers for interest.(PDF) (HTML)

  • DBO Reaches $225 Million Settlement with Ocwen Loan Servicing to Resolve Case Involving Hundreds of Violations
    02/17/2017
    SACRAMENTO – The California Department of Business Oversight (DBO) today signed a $225 million settlement with Ocwen Loan Servicing, LLC (Ocwen) that requires the firm to pay $20 million in cash for borrower restitution, but restores Ocwen’s ability to service new California mortgages.(PDF) (HTML)