2017 Press Releases

Movement Mortgage to pay more than $1.1 Million in Penalties and Refunds

Dec 11, 2017

Download this press release (PDF) 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...

State-chartered banks authorized to close branches threatened by SoCal fires

Dec 6, 2017

Download this press release (PDF) 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...

DBO Announces $9.2 Million Settlement with Nationstar-Mr. Cooper Mortgage

Dec 4, 2017

Download this press release (PDF) 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...

Governor Brown signs nation’s toughest PACE consumer protections

Oct 5, 2017

Download this press release (PDF) 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...

State Takes Possession of State Assistance Fund for Enterprise, Business and Industrial Development Corporation

Sep 18, 2017

Download this press release (PDF) (Sacramento, CA) – The California Department of Business Oversight (DBO) announced today that it has taken possession of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation...

More than 15 million Californians affected by Equifax hack

Sep 13, 2017

Download this press release (PDF)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...

California Department of Business Oversight revokes license of Orange County investment advisor

Aug 16, 2017

Download this press release (PDF) 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...

Installment Consumer Lending by Non-Banks grew more than 21 percent in 2016

Jul 10, 2017

Download this press release (PDF) 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...

Payday lending slows statewide, but surges among senior citizens

Jul 6, 2017

Download this press release (PDF) 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...

DBO Announces $1.4 Million-Plus Settlement with Michigan-Based Mortgage Firm

Apr 10, 2017

United Shore Financial Services to Pay Restitution, Penalties Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in...

DBO Reaches $225 Million Settlement with Ocwen Loan Servicing to Resolve Case Involving Hundreds of Violations

Feb 17, 2017

Firm Will Provide Borrowers Debt Relief and Restitution, Pay Penalties Download this press release (PDF) SACRAMENTO – The California Department of Business Oversight (DBO) today signed a $225 million settlement with Ocwen Loan Servicing, LLC (Ocwen) that...