California DBO is conducting an inquiry into 14 firms’ compliance with lending laws.

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The California Department of Business Oversight (DBO), the agency that grants the Finance Lenders License, recently was named by American Banker as one of eight state and federal regulators to watch in the online lending arena. From the American Banker:

California officials are conducting an inquiry into 14 firms’ compliance with laws and regulations dealing with referral fees, bank partnerships and fair lending. The Bay Area is to home to numerous large U.S. online lenders, including Lending Club, Prosper Marketplace, Social Finance and more. California’s probe could result in enforcement actions against particular firms; it could also lead to new regulations.

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