![\"DBO](\"http:\/\/californiamortgageassociation.org\/wp-content\/uploads\/2018\/09\/DBO.png\")
<\/p>\n<\/p>\n
Volume 6, Number 2 \u2022 September 2018<\/p>\n
On Aug. 24, DBO Commissioner Jan Lynn Owen hosted an industry roundtable with the Governor\u2019s Office of Emergency Services (Cal OES) director Mark Ghilarducci and Insurance Commissioner Dave Jones to explore potential solutions and stopgaps to problems facing survivors of the recent catastrophic wildfires.
\nAs a result of that meeting, the DBO announced a partnership between state-chartered Poppy Bank of Santa Rosa and Northern California Financial Development Corporation (Nor-Cal FDC) to extend a $450,000 line of credit to Chiaramonte Construction and Plumbing Inc. (Chiaramonte) to help rebuild 250 homes in an area of Sonoma County that burned in the 2017 wildfires.
\nNor-Cal FDC provided an 80 percent guarantee to the line of credit Poppy Bank provided Chiaramonte. Nor-Cal FDC is a public benefit corporation chartered and regulated by the Governor’s Office of Business and Economic Development. Under the State Loan Guarantee Program, Nor-Cal FDC provides guarantees for loans, and specializes in helping small businesses that do not meet traditional lending guidelines.
\nThe DBO also asks our licensees \u2013 banks, credit unions, mortgage lenders and others \u2013 to continue to provide as much discretion and latitude as possible to help fire victims recover and rebuild.<\/p>\n
The DBO enforces the Corporate Securities Law of 1968<\/a> and its implementing regulations<\/a>. The DBO’s Broker Dealer and Investment Adviser (BDIA) Division oversees the investment advisory program which consists of a registration and examination component. Both components are critical to the integrity of the investment advisory industry and the protection of investors. Applications for a Property Assessed Clean Energy (PACE) Program Administrator license are now available through the Nationwide Multistate Licensing System and Registry (NMLS) website<\/a>. PACE Program Administrators must be licensed by the DBO by Jan. 1, 2019 to do business in California. The Conference of State Bank Supervisors (CSBS) on Aug. 8 announced<\/a> that all states and U.S. territories will now use a single, common examination to assess mortgage loan originators (MLOs), streamlining the licensing process for MLOs and supervision of the mortgage industry. The State Controller’s Property Tax Postponement (PTP) Program<\/a> allows senior, blind or disabled homeowners to defer current-year property taxes on their principal residence. To qualify, homeowners must meet certain criteria including having at least 40 percent equity in their home and an annual household income of $35,500 or less. The Office of the Comptroller of the Currency (OCC) on Aug. 28 released an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on the best ways to modernize the regulatory framework of the Community Reinvestment Act (CRA). Americas United Bank, Glendale, to merge with and into Bank of Southern California, NA, San Diego Community Bank, Pasadena, to merge with and into Citizens Business Bank, Ontario First American International Bank, Brooklyn, New York, to merge with and into Royal Business Bank, Los Angeles My Bank, Belen, New Mexico, to merge with and into United Business Bank, Walnut Creek Southwestern National Bank, Houston, Texas, to merge with and into Hanmi Bank, Los Angeles Biz Premium Finance Corp Cal West Premium Funding Equinox Premium Acceptance, Inc. Link Financing LLC Mepco PFA, Inc. Next Wave Premium Finance, Inc. Eric Magee and Chad Bitterlich, to acquire control of Western Pacific Finance, Inc. MDJ Financial, Inc. Entrust Financial Credit Union, Richmond, Virginia, to merge with and into Christian Community Credit Union, San Dimas DNB Bank ASA LL Pay U.S., LLC Mercari, Inc. Paypool LLC PayQwick, Inc. BDC Payments Holdings, Inc., to acquire control of Bill.com, Inc. LBC Express Holdings, Inc., to acquire control of LBC Mundial Corporation PayPal, Inc. to acquire control of HSI USA, Inc. Prabhu Holding Group Corp, to acquire control of Prabhu Group Inc Commissioner of Business Oversight Volume 6, Number 2 \u2022 September 2018<\/p>\n Credit union annual audit reports are due in this office on or before October 13, not October 31 as reported in the September 2018 issue of the Monthly Bulletin. Please note the corrected notice below.<\/p>\n Credit unions with fiscal years that ended on June 30, are required to file their annual audit report with the DBO by Oct. 13, 2018. Jan Lynn Owen<\/h5>\n Commissioner of Business Oversight<\/p>\n ________________________________________ ________________________________________ Monthly Bulletin Department of Business Oversight Volume 6, Number 2 \u2022 September 2018 Santa Rosa Bank, Nor-Cal FDC Step Up To Help Sonoma County Fire Victims On Aug. 24, DBO […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/posts\/4134"}],"collection":[{"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/comments?post=4134"}],"version-history":[{"count":0,"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/posts\/4134\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/media?parent=4134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/categories?post=4134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.californiamortgageassociation.org\/wp-json\/wp\/v2\/tags?post=4134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nStarting in October, the DBO will launch an annual online Investment Adviser examination for certain registered Investment Advisers. The mandatory examination consists of an online questionnaire that California-registered investment advisers are required to complete and submit to the BDIA.
\nAlthough the Division has the authority to conduct on-site examinations<\/a> of investment advisers with or without notice, the Division has determined that, in certain cases, an online examination will be conducted.
\nCalifornia-registered investment adviser firms that have a principal place of business in another state are required to complete the online examination.
\nStarting in October, the Division will send examination questionnaires to firm\u2019s designated email addresses. Designated email addresses must be dedicated to DBO communications and monitored by a firm’s executive staff to ensure prompt attention to communications from the DBO.
\nFirms must complete and submit the online examinations to the DBO. After reviewing examination responses, the DBO may have additional questions or requests for information, or may determine that an on-site examination is warranted.
\nFor questions or inquiries, please contact the BDIA at IAAEQ@dbo.ca.gov<\/a>.<\/p>\nCredit Union Annual Audit Reports Due October 31 for Fiscal Years Ending June 30
\nCredit unions with fiscal years that ended on June 30, are required to file their annual audit report with the DBO by Oct. 31, 2018.
\nPlease ensure all financial statements and management letters required by FC 14252<\/a> and CCR 30.1000<\/a> are included, as well as reports of confirmation of member accounts where required by CCR 30.302(b)<\/a>.
\nReports should be submitted to cuannual.auditreports@dbo.ca.gov<\/a>. If a credit union fails to submit this required report on time, the DBO has the authority under FC 14256(b)<\/a> and FC 329<\/a> to impose fines for each day late.
\nQuestions about the audit report may be addressed to the DBO credit union portfolio manager for your region. The DBO website identifies the DBO contact for each credit union<\/a>.<\/h3>\nPACE Program Administrator License Application Available<\/h3>\n
\nThe NMLS Getting Started<\/a> page provides instructions on submitting an application. For NMLS-related questions, call (855) 665-7123.
\nThe DBO’s website<\/a> provides additional information about DBO’s PACE program and regulations process.<\/p>\nCSBS Launches Single Nationwide Exam for Mortgage Loan Originators<\/h3>\n
\nThe Uniform State Test is one of several initiatives, collectively known as Vision 2020<\/a>, that state regulators have devised to improve the state licensing process for all nonbank financial services.
\nPreviously, a mortgage license candidate would need to take multiple tests \u2013 a national exam an exam for each state license. A license applicant who passes the national test will not need to take any additional state tests to hold a license within any state or U.S. territory.<\/p>\nProperty Tax Postponement Program for Seniors and Disabled Homeowners<\/h3>\n
\nApplications are available online and may be filed with the State Controller’s Office beginning Oct. 1.
\nFor additional information, contact Karen Garcia at (916) 445-5469 or KMGarcia@sco.ca.gov<\/a>.<\/p>\nProposed OCC Rulemaking for Community Reinvestment Act<\/h3>\n
\nThe CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such banks.
\nThrough this ANPR, the OCC seeks stakeholder comment on ways to modernize the regulations that implement the CRA, to better achieve the statute\u2019s original purpose, increase lending and investment where it is needed most, and reduce the burden associated with reporting and assessing CRA performance.
\nThe OCC submitted the ANPR for publication in the Federal Register, with a 75-day comment period from the date of publication. The complete bulletin<\/a> is available at the OCC website.<\/p>\nCommercial Bank Activity<\/h3>\n
Merger<\/h5>\n
\nEffected: 8\/1\/18<\/p>\n
\nEffected: 8\/10\/18<\/p>\n
\nApproved: 8\/14\/18<\/p>\n
\nFiled: 8\/24\/18<\/p>\n
\nApproved: 8\/14\/18<\/p>\nPremium Finance Company Activity<\/h3>\n
New Premium Finance Company<\/h5>\n
\n6200 Canoga Avenue, Woodland Hills
\nFiled: 8\/29\/18<\/p>\n
\n600 West Broadway, San Diego
\nFiled: 8\/22\/18<\/p>\n
\n660 Newport Center Drive, Newport Beach
\nOpened: 7\/26\/18<\/p>\n
\n21109 Avenida de Sonrisa, Santa Clarita
\nFiled: 8\/23\/18<\/p>\n
\n10877 Wilshire Boulevard, Los Angeles
\nApproved: 8\/20\/18<\/p>\n
\n660 Newport Center Drive, Newport Beach
\nOpened: 8\/1\/18<\/p>\nAcquisition of Control<\/h5>\n
\nFiled: 8\/7\/18<\/p>\nVoluntary Surrender of License<\/h5>\n
\n600 West Broadway, San Diego
\nEffected: 8\/29\/18<\/p>\nCredit Union Activity<\/h3>\n
Merger<\/h5>\n
\nWithdrawn: 8\/3\/18<\/p>\nForeign (Other Nation) Bank Activity<\/h3>\n
New Office<\/h5>\n
\nCity of Palo Alto (Representative Office)
\nFiled: 8\/23\/18<\/p>\nMoney Transmitter Activity<\/h3>\n
New Money Transmitter<\/h5>\n
\nFiled: 8\/30\/18<\/p>\n
\nOpened: 8\/22\/18<\/p>\n
\nApproved: 8\/9\/18<\/p>\n
\nOpened: 8\/22\/18<\/p>\nAcquisition of Control<\/h5>\n
\nApproved: 8\/14\/18<\/p>\n
\nApproved: 8\/9\/18<\/p>\n
\nApproved: 8\/31\/18<\/p>\n
\nFiled: 8\/1\/18<\/p>\nJan Lynn Owen<\/h5>\n
\nThe September 2018<\/strong> Monthly Bulletin covers the month ended August 31, 2018<\/strong>. It is issued pursuant to Financial Code section 376.<\/p>\nDBO Monthly Bulletin – September 2018 – Erratum<\/p>\n
\n09\/12\/2018<\/p>\n
Monthly Bulletin<\/h2>\n
Department of Business Oversight<\/h3>\n
Erratum<\/h3>\n
Credit Union Annual Audit Reports Due October 13 for Fiscal Years Ending June 30<\/h3>\n
\nPlease ensure all financial statements and management letters required by FC 14252<\/a> and are included, as well as reports of confirmation of member accounts where required by .
\nReports should be submitted to cuannual.auditreports@dbo.ca.gov<\/a>. If a credit union fails to submit this required report on time, the DBO has the authority under FC 14256(b)<\/a> and FC 329<\/a> to impose fines for each day late.
\nQuestions about the audit report may be addressed to the DBO credit union portfolio manager for your region. The DBO website identifies the DBO contact for each credit union<\/a>.<\/p>\n<\/h5>\n
\nDBO California Department of Business Oversight<\/p>\n
\nCalifornia Department of Business Oversight \u00b7 1515 K Street, Suite 200, Sacramento, CA 95814-4052<\/p>\n","protected":false},"excerpt":{"rendered":"