Department of Financial Institutions enters into a Settlement Agreement with the principal owners of LBC Mundial Corporation
(San Francisco, CA) California Department of Financial Institutions (DFI) Commissioner William S. Haraf announced today that he has entered into a Settlement Agreement with Santiago Araneta, Juan Carlos Araneta, Fernando Araneta and Monica Araneta (collectively referred to as the “Aranetas”), principal owners of LBC Mundial Corporation (“LBC”), a licensed money transmitter. LBC received a license from DFI on September 15, 1987, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (Section 1800).
DFI and the Aranetas mutually agreed to enter into the Settlement Agreement (“Agreement”) in recognition of their common goals to ensure safety and soundness and compliance with applicable laws, rules and regulations.
The Agreement was based on an investigation by DFI’s Examinations and Legal Divisions. The Aranetas have paid $25,000 to the Department, and the Commissioner has agreed to release the Aranetas from any liability resulting from alleged violations of the California Financial Code related to untimely submission of an application for approval to acquire control.
DFI supervises over 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer tips on a variety of financial topics. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.