2018 Press Releases
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions and their Customers Affected by Wildfires
November 15, 2018
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union…
DBO Directs 20 Lenders with High Triple-Digit APR Levels to Submit Information on Lead Generation Activity
September 26, 2018
Commissioner Says DBO Considering Rulemaking to Regulate Lead Generators The DBO today directed 20 consumer installment lenders with high levels of triple-digit APR loans…
DBO Seeks Answers from 12 Student Loan Servicers That Have Not Applied for Licenses
July 11, 2018
Law Set July I Deadline; One Large Servicer Signals Claim of Federal Preemption
The Department of Business Oversight (DBO) today sent letters (PDF) to 12 student loan servicers…
Mortgage Lending by Non-Banks in California Saw Significant Decline in 2017
June 29, 2018
Both Number of Loans and Dollar Amount Fell Almost 30%
Non-bank mortgage lenders in California reported significantly less activity in 2017…
California DBO Reaches Settlement With Equifax Requiring Firm to Implement Stronger Anti-Breach Measures
Seven Other States Sign Consent Order with Credit Reporting Agency
June 27, 2018
The DBO today announced an agreement with Equifax, Inc. that requires the credit reporting agency to correct numerous information security deficiencies…
California Payday Lending Industry Continues to Shrink as It Maintains Heavy Reliance on Repeat Customers
Number and Dollar Amount of Transactions, Number of Locations Fell in 2017 Download this press release (PDF) SACRAMENTO – California’s payday lending industry in 2017 continued a multi-year period of contraction while maintaining its heavy reliance on...
Installment Consumer Lending by California Non-Banks Declined 9.9% in 2017
Data on Triple-Digit APR Loans Mixed Compared to 2016 Download this press release (PDF) SACRAMENTO – The combined dollar amount of installment consumer loans by non-banks in California fell 9.9% in 2017, according to a report released today by the...
DBO Settlement with Advance America Subsidiary Continues Crackdown on Interest Rate Cap Avoidance
$160,000 Agreement Provides Borrower Refunds, Penalties Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today finalized a settlement with Advance America’s California subsidiary that continues a broader...
DBO Joins $40.3 Million Multi-State Settlement with PHH Mortgage
PHH to Pay Restitution and Penalties Download this press release (PDF) SACRAMENTO – The California Department of Business Oversight (DBO) today joined in a $40.3 million multi-state settlement with PHH Mortgage Corporation to resolve allegations that the...
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