CA Bueau of Business Oversight presentation April 17 2015
Post on 16-Jul-2015
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California Department of
Business Oversight
Alana Golden
Director for Education and Outreach
Real Estate Educator’s ConferenceNorthern California
Friday, April 17, 2015
Department of Financial Institutions+
Department of Corporations________________________________________________
= Department of Business Oversight
• DBO regulates more than 350,000 individuals and firms
2
DBO Born July 1, 2013
• 155 state-chartered banks
• 145 state-chartered credit unions
• 85 money transmitters
• 365 mortgage bankers
• 21,617 mortgage loan originators
• 2,225 consumer and commercial finance lenders
• 950 escrow agents
• 326 payday lenders
• 277,102 broker-dealer agent registrations
• 50,723 investment adviser representative registrations
3
DBO Financial Institution Portfolio
As of December 31, 2014
DBO MISSION
Secure a fair and healthy financial services marketplace
For consumers and businesses
4
Balancing Act
• Non-bank share of mortgage loan servicing market explodes
• Ocwen Loan Servicing, LLC leads the pack
• DBO enforcement action vs. Ocwen – license suspension
• Key issue: How to implement a license suspension without harming consumers
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Case Study: Ocwen
• Foster and maintain sound conditions
• Promote competent management
• Protect interests of consumers and the public
• Ensure community needs are met
6
Goal of Supervision
• DBO Announces Effort to Fight Search Engine Advertising by Unlicensed Payday Lenders
• State Alerts Consumers about Companies That Offer to Help Recover Lost Investments
• Lender CashCall to Pay Restitution, $1 Million in Penalties and Costs to Settle Case with DBO
• DBO Commissioner Owen Clarifies Coinbase Exchange’s Regulatory Status in California
• Ocwen Agrees to $2.5 Million Settlement for Failing to Provide Loan Information
7
Recent Regulatory Activity
• GovDelivery
RSS Feed
• RSS (DBO Press Releases)
Blog
• California Financial Literacy Month Blog
Financial Literacy Portal
• California Financial Literacy Month Portal
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Stay Informed
FacebookCal DBO (General)California Department of Business Oversight
Twitter@CaliforniaDBO@CAFLM
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