2016 Press Releases

DBO Wins Landmark California Supreme Court Ruling in Major Tribal Payday Lending Case

Dec 22, 2016

Court Bolsters Test to Decide When Private Firms Entitled to Tribal Immunity Download this press release (PDF) SACRAMENTO – The California Department of Business Oversight (DBO) today won a State Supreme Court decision in a landmark case involving the...

Payday Loan Storefronts Concentrated in High-Poverty Areas, DBO Research Brief Shows

Dec 7, 2016

More Than 60% in Zip Codes with Higher Family Poverty Rates than State Figure Download this press release (PDF) SACRAMENTO – The California Department of Business Oversight (DBO) today released a research brief that shows payday loan storefronts are...

DBO: PrimeLending to Pay $1.6 Million-Plus to Settle Mortgage Interest Overcharge Case

Nov 7, 2016

Deal Includes Refunds for Hundreds of Borrowers, Penalties Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today announced a settlement with PrimeLending that requires the mortgage lender to pay more than...

CA DBO Announces $2.7 Million Settlement with LendUp to Redress Widespread Violations of Payday, Installment Loan Laws

Sep 27, 2016

Firm Charged Thousands of Borrowers Unlawful Fees and Rates Download this press release (PDF) SACRAMENTO – The California Department of Business Oversight (DBO) today signed a settlement with Flurish, Inc. (LendUp) that requires the firm to pay $2.68...

CA DBO Banks, Mortgage Programs Pass Accreditation Tests by Conference of State Bank Supervisors

Sep 12, 2016

Download this press release (PDF) SACRAMENTO – 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). CSBS officials...

Mortgage Lending by Non-Banks Increased at Fast Pace in 2015, DBO Report Shows

Jul 11, 2016

Number of Loans Up 47%; Principal Grew 57% Download this press release (PDF) SACRAMENTO – 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...

Payday Loan Customers with 10 Transactions Outnumbered Those with One in 2015

Jul 6, 2016

DBO Report Shows Repeat Customers’ Prominence in Sector Download this press release (PDF) SACRAMENTO – The number of California payday loan customers who made 10 transactions in 2015 outnumbered those who made just one, according to...

California Installment Consumer Lending by Non-Banks Grew Almost 50% in 2015

Jun 30, 2016

Most Loans Between $2,500 and $5,000 Had 100%-Plus APRs Download this press release (PDF) SACRAMENTO – 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...

California Online Lending Grows by More Than 930% Over Five Years

Apr 8, 2016

Total Dollar Amount, Volume Top 2013 Levels; Average Size and APR FallDownload this press release (PDF)SACRAMENTO – Financing provided to California consumers and small business by 13 major online lenders increased by 936% from 2010-2014, to $2.3 billion,...