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

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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

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DBO Financial Institution Portfolio

As of December 31, 2014

DBO MISSION

Secure a fair and healthy financial services marketplace

For consumers and businesses

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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

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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

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Recent Regulatory Activity

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Call us!

• Toll-Free 1-866-275-2677 (English)

File a complaint

• www.dbo.ca.gov/Consumers

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Contact DBO

Email

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

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Thank you