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Calif. regulator issues C&D order to unlicensed entity operating as credit union

The California Department of Business Oversight on April 26 issued a cease and desist order to Coceptive Credit Union, prohibiting the entity from conducting business in California without a license and from using the phrase "credit union."

According to the consumer alert published on the authority's website, Coceptive, which is not licensed and not authorized to conduct business as a credit union in California, is purporting to operate as a credit union at 345 California St. in San Francisco, at 1055 West 7th St. in Los Angeles, and over the internet at the website www.coceptivecreditunion.com.