Valley Republic Bancorp Reports Record Earnings and Growth for 2020
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BAKERSFIELD, Calif., Jan. 27, 2021 /PRNewswire/ Valley Republic Bancorp (the Company ) (OTCQX: VLLX), the parent company of Valley Republic Bank (the Bank ), today announced its financial results for the year ended December 31, 2020.
Highlights for the Year Ended 2020 Compared to the Year Ended 2019:
Net income before tax increased 49.1% to $17.2 million
Net income after tax increased 28.7% to $12.5 million or $2.99 per share
Total assets increased 31.6% to $1.236 billion
Deposits increased 30.8% to $1.084 billion
Loans increased 35.9% to $849 million
Shareholder equity increased 22.6% to $95 million
Book value increased to $22.55 per share
The California Department of Financial Protection and Innovation (
DFPI) announced in its
January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law (CCFPL) that came into effect January 1.
As we reported in
September and covered in a webinar in
December, the CCFPL, in addition to renaming the former California Department of Business Oversight (DBO) as the DFPI, expanded the scope of the renamed agency’s powers by (1) giving the DFPI the option of regulating nonbank small business lenders, many of which are fintech companies; (2) authorizing the DFPI to bring enforcement actions for unlawful, unfair, deceptive, or abusive acts or practices (UDAAPs) by any person offering or providing consumer financial products or services in the state; and (3) giving the DFPI rulemaking and enforcement authority relating to UDAAP by “covered persons,” which is defined broadly to include entities not subject to
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California’s consumer finance watchdog said on Tuesday that it has subpoenaed a dozen debt collection companies for information on their practices in the first exercise of the agency’s expanded enforcement powers.
A law that came into effect on Jan. 1 gave the California Department of Financial Protection and Innovation (DFPI) authority to oversee debt collectors, credit bureaus and other consumer financial service providers not previously regulated by the state. The agency said it is already using that power to investigate companies including San-Diego based Encore Capital Group and Norfolk, Virginia-based Portfolio Recovery Associates, two of the largest players in the multi-billion dollar debt collection industry.
Predatory Lender Returns Man’s Repossessed Truck Ahead Of Christmas Syndicated Local – CBS Los Angeles
LOS ANGELES (CBSLA) – Money experts say ’tis the season for some to get stuck in predatory loans – landing people in debt that can be tough to get out of.
One local man ended up owing almost four times what he took out, and his car was repossessed.
“It was my truck, and then we gave it to our son one year for his birthday, Christmas and graduation all together,” said Darrell Scriven.
His beloved pickup truck – with his last name on his personalized plate – was repossessed on his son’s birthday this year.
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The California Department of Financial Protection and Innovation (DFPI) recently issued additional modifications to the proposed rules under the California Financing Law which implement Assembly Bill (AB) 1284. AB 1284 renamed the “California Finance Lenders Law” as the “California Financing Law” and added requirements for the Property Assessed Clean Energy (PACE) Program.
Among other things, the modified proposed rules would transition all licensees (e.g., Finance Lender Licensees) under the California Financing Law onto the NMLS. Additionally, the proposed rules address requirements for submitting a license application through NMLS, including requirements for the key individuals of a licensee that must submit background information and fingerprints for investigation. The modified proposed rules also, in part, establish certain requirements for administrators of the PACE program, including requirements rela