SAN FRANCISCO–A cease-and-desist order has been issued by the California Department of Business Oversight against an entity operating as Coceptive Credit Union, which the regulator said is entity is not licensed by the DBO and is not authorized to conduct business as a credit union in California.
The “credit union” has two offices in the state, one in San Francisco, the other in Los Angeles.
Coceptive’s website remains live, with the “About Us” section stating, it has “been operating as a member-owned financial services company in Northern America since 2005. Our members enjoy many benefits including low interest rates on loans and extremely low fees on other financial services. Whether it is insurance, home loan or car and truck loans, we are here to offer you both convenience and value for your money. Our mission is to offer fully personalized services to all our clients depending on their individual financial situation so that they can get back on track financially in no time!
“At Coceptive Credit Union, you are the owner of the place since it is a not-for-profit cooperative,” the website text continues. “You get to enjoy the best-of-market rates on loans and deposits and also extremely low fees on other financial services. Coceptive Credit Union can be your one-stop destination for all your financial needs throughout your life.”
The DBO is asking anyone who has “communicated with Coceptive Credit Union” to contact it.