California Department of Business Oversight
Volume 2, Number 8 – February 2015
Nickolay “Nick” Kotyrlo Appointed Deputy Commissioner for Broker Dealer/Investment Advisor Division
Nickolay “Nick” Kotyrlo on Mar. 2 was appointed Deputy Commissioner of the DBO’s Broker Dealer/Investment Adviser Division. Nick joined the Department of Corporations (DOC) in 2004 as an Auditor I and was promoted to Corporation Examiner in 2006. After a two-year hiatus with the California Public Utilities Commission from 2010 to 2012, Nick returned to the DOC and was promoted to a Corporation Examiner IV (Supervisor) in 2013.
Nick graduated from Pacific Union College with a bachelor’s degree in business administration and holds a CPA certificate.
Finance Lenders and Brokers: Annual Report Due Mar. 15
California finance lenders are reminded that the 2014 Annual Report for Lenders and Brokers Licensed under the California Finance Lenders Law (CFLL) is due Mar. 15. The form and instructions are available on the DBO’S website at https://dfpi.ca.gov/form/. The form is available in a downloadable Excel format (Excel 2010 or later) and must be uploaded to the DBO’s website when completed. In order to upload and file the report, licensees must log in to the self-service portal using their username and password.
For licensees who have not registered in the DBO’s Self-Service DOCQNET Portal, registration is a three-step process: (1) licensees create an account; (2) DBO staff verify the information; and, (3) following the verification, licensees reenter the portal to complete their registration. The registration process normally takes five days to complete.
Due to anticipated demand with this first-time electronic filing, delays are expected, and licensees are encouraged to register before the Mar. 15 deadline for filing the report.
The registration portal can be found at the following link: https://docqnet.dbo.ca.gov/registrationlanding/sign-up/?type=standard
Please note: CFLL licensees who make residential mortgage loans also must complete the Residential Mortgage Loan Report on or before March 31 (see item below for more on that report). That report can be found at https://dfpi.ca.gov/wp-content/uploads/sites/337/2018/10/HDN1DBO2-14.pdf.
For questions, please call (213) 576-7690 and ask for the CFL Phone Duty Desk.
MORE HELP AVAILABLE: As the Mar. 15 deadline for submitting the 2014 annual report approaches, the DBO will offer licensees a conference call on Wednesday, Mar. 11, at 3 p.m. Pacific time to answer questions about the content and filing of this year’s report. The call-in number is (888) 995-9708. The passcode is 23891.
Deferred Deposit Originators: 2014 Annual Report and Survey Due Mar. 15
Licensees under the California Deferred Deposit Transaction Law (CDDTL) must file their 2014 Annual Report no later than Mar. 15. In addition to the annual report, the DBO requests that licensees complete a survey to help the DBO assess the overall fiscal health and practices of California’s deferred deposit originator industry. An electronic form for the report and survey has been designed for licensees’ convenience.
Responses are protected from disclosure under Government Code section 6254(d). However, information may be aggregated and made available to the public. Please click on the link below to access the instructions and form.
2014 CDDTL ANNUAL REPORT AND INDUSTRY SURVEY
2014 Residential Mortgage Loan Report Due Mar. 31
Specified DBO-licensed lenders must file their 2014 Residential Mortgage Loan Report no later than Mar. 31. The report is mandated by the state’s Housing Financial Discrimination Act of 1977, known as the Holden Act. The report forms, information on how to complete the forms and details about who has to file reports can be found at https://dfpi.ca.gov/wp-content/uploads/sites/337/2018/10/HDN1DBO2-14.pdf.
Drought Update: Urban Conservation Drops Sharply
January brought disappointing results in California’s effort to fight the state’s four-year drought. Urban water use in January dropped by 9 percent from the same month in 2014, down from a 22 percent year-over-year savings rate in December, according to a Mar. 3 report from the State Water Resources Control Board (SWRCB).
SWRCB Chairwoman Felicia Marcus called the latest monthly numbers “a disappointment, but not a surprise considering how dry January was.” The SWRCB on Mar. 17 will consider extending emergency regulations to encourage conservation, originally adopted in July 2014.
Commercial Bank Activity
Bank of Sacramento, Sacramento, to merge with and into AmericanWest Bank, Spokane, Washington
Bank of Manhattan, N.A., El Segundo, to merge with and into Plaza Bank, Irvine
Independence Bank, Newport Beach, to merge with and into Pacific Premier Bank, Irvine
Pacific Rim Bank, Honolulu, Hawaii, to merge with and into First Foundation Bank, Irvine
Valley Community Bank, Pleasanton, to merge with and into Bay Commercial Bank, Walnut Creek
Vibra Bank, Chula Vista, to merge with and into Pacific Commerce Bank, Los Angeles
Acquisition of Control
2011 TCRT, Ford Ultimate Management II, LLC, Ford Management II, L.P., GFJ Financial Management II, LLC, Ford Fund Investment, LP, Ford Financial Fund II, L.P., and EB Acquisition Company LLC, to acquire control of Mechanics Bank
Change of Name
Bank of Agriculture & Commerce, to change its name to BAC Community Bank
California Business Bank, to change its name to Omega Bank
Credit Union Activity
Big Valley Federal Credit Union, Sacramento, to merge with and into First U.S. Community Credit Union, Sacramento
California Center Credit Union, Ontario, to merge with and into Credit Union of Southern California, Brea
Pacific Oaks Federal Credit Union, Camarillo, to merge with and into Premier America Credit Union, Chatsworth
SD Medical Federal Credit Union, San Diego, to merge with and into Financial Partners Credit Union, Downey
Visterra Credit Union, Moreno Valley, to merge with and into Altura Credit Union, Riverside
Premium Finance Company Activity
Acquisition of Control
Jorge Tarquini and Alejandro Rabida, to acquire control of Newport Premium Finance, Inc.
Foreign (Other Nation) Bank Activity
Bank Hapoalim B.M.
9200 Sunset Boulevard, West Hollywood, Los Angeles County (Representative Office)
Taipei Fubon Commercial Bank Co., Ltd.
City of San Jose, County of Santa Clara (Representative Office)
Money Transmitter Activity
Acquisition of Control
DFJ Venture XI, L.P., to acquire control of Remitly, Inc.
Voluntary Surrender of License
Nexxo Financial Corporation
JAN LYNN OWEN
Commissioner of Business Oversight
Bulletin for Month ended February 2015, issued pursuant to Financial Code section 376.
The Monthly Bulletin is available without charge via e-mail. To subscribe, go to: https://dfpi.ca.gov/Resources/subscription.asp
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