WBK Industry News - State Regulatory Developments

New Commissioner Appointed for California Department of Business Oversight

California Governor Gavin Newsom recently appointed Manuel Alvarez as Commissioner of the California DBO on March 28, 2019.

Mr. Alvarez was appointed to replace current Commissioner Jan Owen, who is set to retire once a new Commissioner is confirmed.  Ms. Owen served as Commissioner of Corporations from 2011-2013, then becoming the Commissioner of the DBO when the Department of Corporations was merged with the Department of Financial Institutions. Prior to his appointment, Mr. Alvarez served as the general counsel, chief compliance officer and corporate secretary of a financial services company.