CA Bueau of Business Oversight presentation April 17 2015

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

5

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

8

Order Our Education MaterialsFree!

9

Look for our ads

10

Look for our Ads

Call us!

• Toll-Free 1-866-275-2677 (English)

File a complaint

• www.dbo.ca.gov/Consumers

11

Contact DBO

Email

• GovDelivery

RSS Feed

• RSS (DBO Press Releases)

Blog

• California Financial Literacy Month Blog

Financial Literacy Portal

• California Financial Literacy Month Portal

12

Stay Informed

FacebookCal DBO (General)California Department of Business Oversight

Twitter@CaliforniaDBO@CAFLM

13

Department of Business Oversight Visit www.dbo.ca.gov

Stay informed. Sign up for our mailing list!

www.dbo.ca.gov/resources/subscription

Thank you