California regulators shut down unlicensed credit union

Coceptive Credit Union had been operating as a cooperative since 2015.

The California Department of Business Oversight issued a cease and desist order against Coceptive Credit Union, which claimed it was doing business from the heart of San Francisco’s financial district, but state regulators said the organization was never authorized to operate as a credit union.

The cease and desist order released publicly by state regulators Wednesday requires Coceptive to stop operating as a credit union. The DBO said Coceptive never received a certificate of authority to operate legally as a credit union in the Golden State.

Nevertheless, since at least December 2015, Coceptive had been operating as a credit union and made loans through its website. According to the credit union’s loan documents obtained by state regulators, Michael Gutierrez is listed as CEO and Dijana Marateo is listed as a senior loan officer.

The unlicensed credit union claimed it operated from 345 California St., which is in San Francisco’s financial district.


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