On April 10, 2017, the California Department of Business Oversight (DBO) announced that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was overcharging consumers for interest on a number of loans. The DBO brought an enforcement action against the…
On September 27, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender, after a joint investigation with the California Department of Business Oversight (DBO), over allegations that the lender deceptively marketed its loan products and hid the true cost of credit…
On December 11, the California Department of Business Oversight (DBO) announced that it had launched an inquiry into the online lending industry, known as “marketplace lending.” The DBO requested a wide array information from fourteen marketplace lenders, including a five-year trend data about their loan and investor funding programs, and…
On November 19, 2015, the California Department of Business Oversight (DBO) announced that it had reached a settlement with a national mortgage company over allegations the company overcharged customers for mortgage settlement services. The company allegedly charged consumers a $200 settlement service fee in connection with mortgage loans. The fee…
On November 18, 2015, California’s Department of Business Oversight (DBO) announced that a national finance company paid approximately $1 million in restitution to California consumers as part of a prior settlement with the DBO related to company’s lending practices. Enforcement Watch previously covered the settlement, in which the the company agreed to pay $125 per consumer…