Despite "Massive Job Losses and Revenue Shortfalls", Governor Continues To Propose Large Increase In DBO Staffing

As required by the California Constitution, Governor Newsom proposed a budget for the state's 2020/2021 fiscal year in January.  Cal. Const. Art. IV, § 12.  As noted in this post, the Governor had big plans for the Department of Business Oversight,...

Are Computers Biased And What Is The DBO Going To Do About It?

Humans decisions are affected by all manner of biases.  Many of these biases are quirks of the human mind.  A common bias, for example, is to assign more weight to recent data than to older data.  Another involves seeing patterns from random...

DBO Urges Securities/Franchise Filers To Use DocQNet

In the plethora of notifications concerning the Covid-19 (coronavirus) issued various government agencies, this one from the California Department of Business Oversight could easily be overlooked.  The gist of the DBO's message is for securities and...

DBO Expansion Plans To Be Aired On April Fools' Day

California's Governor Gavin Newsom has big plans for the Department of Business Oversight.  These plans were described in his proposed 2020-2021 budget as follows:

Will The DBO's New Name Confuse Investors?

This January post discussed Governor Newsom's proposal to rename the Department of Business Oversight.  While I am no fan of the current moniker, I do not favor the Governor's new name - Department of Financial Protection and Innovation. 

Will California License Virtual Currency Issuers?

The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq.  The Act currently defines "money transmission" as any of the following:

Governor Proposes To Expand Department Of Business Oversight Authority And Funding

Last week, Governor Gavin Newsom delivered his proposed budget for California's 2020-2021 fiscal year.  The Governor is proposing to rename the Department of Business Oversight as the Department of Financial Protection and Innovation as of the...

DBO Warns Of False Flag Email

Impersonating government agencies and officials is nothing new.  The Financial Industry Regulatory Authority, Inc. (FINRA) issued this detailed warning of this practice in 2016.  Two years later, the Securities and Exchange Commission warned of...

DBO Has Very Few Precedents

The California Administrative Procedure Act provides that an agency's decision in an adjudicative proceeding "may not be expressly relied on as precedent unless it is designated as a precedent decision by the agency".  Cal. Govt. Code §...

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