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Press Releases

  • Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions and their Customers Affected by Wildfires
    The California Department of Business Oversight, Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of Currency recognize the serious impact of the California wildfires on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.(PDF) (HTML)

  • DBO Directs 20 Lenders with High Triple-Digit APR Levels to Submit Information on Lead Generation Activity
    SACRAMENTO – The Department of Business Oversight (DBO) today directed 20 consumer installment lenders with high levels of triple-digit APR loans to submit data and other information related to their online lead generation activities.(PDF) (HTML)

  • DBO Seeks Answers from 12 Student Loan Servicers That Have Not Applied for Licenses
    SACRAMENTO – The Department of Business Oversight (DBO) today sent letters to 12 student loan servicers seeking information about why they have not applied for licenses pursuant to the state’s Student Loan Servicing Act (Act) of 2016.(PDF) (HTML)

  • Mortgage Lending by Non-Banks in California Saw Significant Decline in 2017
    SACRAMENTO – Non-bank mortgage lenders in California reported significantly less activity in 2017, with both the number of loans and combined principal amount declining by nearly 30 percent from 2016, according to a report released today by the Department of Business Oversight (DBO).(PDF) (HTML)

  • California DBO Reaches Settlement with Equifax Requiring Firm to Implement Stronger Anti-Breach Measures
    SACRAMENTO – The Department of Business Oversight (DBO) today announced an agreement with Equifax, Inc. that requires the credit reporting agency to correct numerous information security deficiencies that led to the 2017 data breach which affected 147 million U.S. consumers, including 15.5 million Californians.(PDF) (HTML)

  • California Payday Lending Industry Continues to Shrink as It Maintains Heavy Reliance on Repeat Customers
    SACRAMENTO – California’s payday lending industry in 2017 continued a multi-year period of contraction while maintaining its heavy reliance on repeat customers, according to a report released today by the Department of Business Oversight (DBO).(PDF) (HTML)

  • Installment Consumer Lending by California Non-Banks Declined 9.9% in 2017
    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 Department of Business Oversight (DBO) that also had mixed data on loans with annualized rates of 100 percent or higher.(PDF) (HTML)

  • DBO Settlement with Advance America Subsidiary Continues Crackdown on Interest Rate Cap Avoidance
    SACRAMENTO – The Department of Business Oversight (DBO) today finalized a settlement with Advance America’s California subsidiary that continues a broader DBO crackdown on lender avoidance of interest rate limits on small-dollar consumer loans.(PDF) (HTML)

  • DBO Joins $40.3 Million Multi-State Settlement with PHH Mortgage
    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 company violated state and federal laws on foreclosures, loan modifications and servicing.(PDF) (HTML)