The California Department of Business Oversight has alerted financial institutions to monitor and report illegal transactions of unlicensed payday lending activity, the state regulator said.
What's more, the CDBO said it will be examining banks and credit unions to make sure they are taking measures to prevent unlicensed payday transactions.
"Department examinations will review for compliance to ensure safeguards are in place to prevent unlicensed payday lenders from gaining access to the ACH network and victimizing Californians," CDBO Commissioner Jan Lynn Owen wrote in an Oct. 7 letter to financial institutions.
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