Yes, Dorothy, DFI Does Sell Licenses!

Recently a Financial Legal Examiner at the Department of Financial Institutions ended a letter by stating that DFI did not sell licenses. Of course they are not that crass. However, after years of dealing with DFI, I can tell you that they often look to large fines in lieu of significant action against the license. That can have the effect of allowing those who are successful at consumer fraud to buy their way out of problems. Those who earn an honest living might not have the funds to save their license. I have brought this up for years, to no avail. It would be nice if there was some rationality in the sanctions the DFI seeks to impose. An end to arbitrary and capricious sanctions will have to wait for a change in leadership.