Department of Business Oversight - Monthly Bulletin

Monthly Bulletin – February 2020

Volume 7, Number 7

Annual Reports Due March 15 for CFL, PACE, and Responsible Small Dollar Loan Licensees

Annual reports for calendar year 2019 for licensees engaged in business under the California Financing Law (CFL), the Property Assessed Clean Energy (PACE) Financing Program, and the Responsible Small Dollar Loan (RSDL) pilot program must be submitted to the Department of Business Oversight no later than March 15, as required under Financial Code section 22159(a).

The CFL annual report relies on a web-based filing process and must be completed on the DBO’s website via the self-service portal. Paper or mailed submissions will not be accepted and may result in a penalty assessment or constitute grounds for license revocation.

Responsible Small Dollar Loan  and PACE program administrators should complete the annual report data on electronic spreadsheets provided by the DBO. Completed spreadsheet are to be emailed to the DBO.

Please note that filing an annual report after the deadline will result in penalty assessments.  Pursuant to Financial Code section 22715(b), the penalty shall not exceed $100 for each of the first five business days a report is overdue, and thereafter shall not exceed $500 for each business day, not to exceed $25,000. 

Failure to file a CFL report will result in summary revocation of your license(s) pursuant to Financial Code section 22715(a). No extensions will be granted. 

Under Government Code section 11522, a licensee whose license has been revoked or suspended may petition the agency for reinstatement of the license after a period of not less than one year from the date of revocation.

Licensees with questions about these CFL reports should call (213) 576-7690 or send an email to

CDDTL Annual Reports, Industry Surveys Due March 15

March 15 on a calendar

All California Deferred Deposit Transaction Law (CDDTL) licensees must submit a 2019 Annual Report and Industry Survey to the DBO by March 15.

The Annual Report and Industry Survey must be completed online through the DBO self-service portal.

To prepare and submit the Annual Report and Industry Survey, all CDDTL licensees are required to have a registered DBO portal account.

The Annual Report and Industry Survey are required by California Financial Code sections 23026 and 23015.

If you have questions, or need clarification on the instructions, please email

CRMLA Annual Reports Due March 1

a book of report

Licensees under the California Residential Mortgage Lending Act (CRMLA) must file their 2019 annual report electronically by March 1.

A notice about the CRMLA annual report filing was sent to each licensee’s designated email address on Dec. 27, 2019, and the DBO posted a reminder to the Department’s CRMLA webpage on Feb. 4. The annual report must be completed by signing into the DBO self-service portal.

All CRMLA licensees must file the report by March 1. No extensions will be granted. Missing the deadline may result in penalty assessments. Failure to file constitutes grounds for license revocation.

Email any questions to

Student Loan Servicing Annual Reports Due March 15

a Dollar sign

Pursuant to Financial Code section 28146(a) of the Student Loan Servicing Act, student loan servicers are required to file an annual report with the Commissioner of Business Oversight on or before March 15.

The SLS annual report will rely on a web-based filing process this year. Annual reports must be completed on the DBO’s website via your self-service portal account labeled Student Loan Servicing Annual Report under the “Your Reports” section. Paper or mailed submissions will not be accepted. The Commissioner may impose a financial penalty if a licensee fails to submit a report on time.

Licensees with questions about the SLS report should send an email to


Escrow Annual Liability Report Due February 18

Escrow logo

All escrow agents licensed prior to January 1, 2020 must submit an Annual Liability Report for 2019 to the Commissioner of Business Oversight pursuant to Financial Code section 17348. The Annual Liability Report form is available on DBO’s website here. The deadline to submit the report electronically is Feb. 18.

Escrow agents are required to have a registered DBO portal account to submit the report. To register for a portal account, go to DBO’s website here. Failure to submit an Annual Liability Report by the deadline may result in penalties pursuant to Financial Code section 17408.

Any questions should be emailed to

Holden Act Reports Due

house dollar sign

Mortgage lending licensees must file their Residential Mortgage Loan Report (Holden Act Report) for calendar year 2019 no later than March 31.

The Holden Act Report must be filed by all state-licensed residential mortgage lenders that do not report the data to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975.

Licensees should consult with their internal compliance officers to determine whether they are required to file the report. Instructions and reporting forms may be found on the DBO website here.

Completed reports may be scanned and emailed on or before March 31 to Information regarding the report may be obtained by calling (866) 275-2677.

FDIC Issues Statement on Cybersecurity Risk Considerations

FDIC logo

In response to the heightened cybersecurity risk facing financial services and other critical business sectors, the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency issued a Financial Institution Letter (FIL-3-2020) that offers an interagency statement on heightened cybersecurity risk. The statement focuses on risk management principles that can reduce the risk of a cyberattack and minimize business disruptions.

The letter applies to all FDIC-supervised institutions, including community institutions.

The statement notes that:

  • The Department of Homeland Security has indicated geopolitical tension has generated heightened risk of cyberattack against U.S. targets.
  • The current environment provides an opportunity for banks to re-evaluate the adequacy of safeguards to protect against various types of cybersecurity risk.
  • An associated Heightened Cybersecurity Risk document highlights principles previously provided by the FDIC and other banking regulators on business resilience, authentication, system configuration, security tools, data protection, and employee training.
  • When banks apply cybersecurity risk management principles and risk mitigation techniques, they reduce the risk and minimize negative impacts of a cyberattack.


Commercial Bank Activity


Pacific Global Bank, Chicago, Illinois, to merge with and into Royal Business Bank, Los Angeles
Effected: 1/10/20

Grand Mountain Bank, FSB, Granby, Colorado, to merge with and into United Business Bank, Walnut Creek
Approved: 1/13/20

Premium Finance Company Activity

New Premium Finance Company

Link Financing
21109 Avenida de Sonrisa, Santa Clarita
Withdrawn: 1/30/20

Foreign (Other Nation) Bank Activity

Kasikornbank PCL
601 South Figueroa Street, Los Angeles (Representative Office)
Discontinued: 6/14/19

Credit Union Activity


Schools Financial Credit Union, Sacramento, to merge with and into SchoolsFirst Federal Credit Union, Santa Ana
Effected: 1/01/20

Money Transmitter Activity

New Money Transmitter

American Financial Integrity of California, Inc.
Filed: 1/23/20

eBay Commerce Inc.
Opened: 12/27/19

Paypool LLC
Opened: 6/25/19

Change of Name

Official Payments Corporation to change its name to ACI Payments, Inc.
Effected: 1/01/20


MANUEL P. ALVAREZ • Commissioner of Business Oversight

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The February 2020 Monthly Bulletin covers the month ended  January 31, 2020.

It is issued pursuant to Financial Code section 376.

The Monthly Bulletin is available at no charge via e-mail.

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Last updated: Mar 22, 2022 @ 12:30 pm