2021 Press Release
The California Department of Financial Protection and Innovation (DFPI) today announced it reached an agreement with Los Angeles-based LoanMart that prohibits the company from marketing or servicing automobile title loans with rates greater than 36 percent in California.
The 2020 annual report for the California Financing Law released today shows a change in consumer behavior likely impacted by a number of factors, including the global COVID-19 pandemic.
DFPI Sanctions Debt Collector in First Action Under the California Consumer Financial Protection Law
The DFPI today issued its first enforcement action against a debt collector and debt buyer.
The DFPI today announced the award of nearly $2 million in CalMoneySmart grants to nonprofit organizations throughout California.
DFPI Moves to Protect California Homeowners with Mandatory Reporting Requirements for Mortgage Servicers
With homeowners facing the possibility of foreclosure, state financial regulator launches review of mortgage servicers while educating consumers on their options.
Debt collectors, debt buyers, and debt collection attorneys operating in the state may now submit their license applications online at the Nationwide Multistate Licensing System (NMLS).
California DFPI Requires Student Loan Debt-Relief Company to Pay More Than $1 Million in Penalties, Restitution
The DFPI today announced it is requiring a Tustin-based student loan debt-relief company, Amerifed Doc Prep LLC, to pay penalties and refunds totaling more than $1.37 million.
The California Department of Financial Protection and Innovation (DFPI) today announced it had signed a landmark agreement with New York-based Meratas, Inc.. Read more …
A new report shows nonbank residential mortgage loans doubled from 2019 to 2020 as more Californians refinanced or obtained new loans in response to lower interest rates.
During an historic pandemic, California’s payday lenders made fewer than 6.1 million loans in 2020, representing a 40 percent decline in loans from 2019. Read more …
The DFPI today announced it has moved to revoke the PACE Administrator license of Renovate America, Inc. (Renovate) after finding its solicitor defrauded homeowners. Read more…
After National Search, the DFPI Hires ‘Fintech’ Legal Expert to Lead New Financial Technology and Innovation Office
The DFPI announced today it has hired Christina Tetreault to lead the new Office of Financial Technology and Innovation. Read more…
The DFPI today announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. Read more …
Lambda School Reaches Settlement with DFPI, Agreeing to End Deceptive Educational Financing Practices
The DFPI today finalized a settlement with San Francisco-based Lambda, Inc. which removes deceptive language from Lambda School’s student contracts. Read more …
During Inaugural Economic Equity Conference, DFPI Unveils Findings of Diversity in State Banking Survey
The DFPI calls on Financial Leaders to Develop Strategies for Inclusive Economic Recovery. Read more …
DFPI Reminds Debt Collectors, Mortgage Lenders and Servicers about COVID-19 Renter and Homeowner Protections
The DFPI issues a reminder to future debt collector licensees and existing mortgage lenders and servicers about protections for California renters and homeowners during the pandemic.
The California Department of Financial Protection and Innovation (DFPI) is now accepting applications for its CalMoneySmart Grant Program. Read more …
The DFPI today permanently barred James Jacob Berry and any company he owns or controls from seeking future enrollment as a PACE solicitor’s agent or PACE solicitor. Read more…
The Department of Financial Protection and Innovation continues to expand efforts to protect consumers from financial impacts of the lethal virus.
California Applauds Appointment of U.S. Education Secretary Cardona and Joins States in Asking for Better Student Loan Protections
The Department of Financial Protection and Innovation joins financial regulators across the country to congratulate newly-confirmed Education Secretary Miguel Cardona and invited him to partner with states in protecting student loan borrowers.
DFPI Launches Investigation Into Student-Loan Debt-Relief Companies and Takes Action Against Optima Advocates
The California Department of Financial Protection and Innovation (DFPI) today launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct. Read more…
The California Department of Financial Protection and Innovation (DFPI) has signed memorandums of understanding with five earned wage access companies. Read more…
Under Expanded Consumer Protection Authority, the DFPI Launches Investigation into Multiple Debt Collectors
The California Department of Financial Protection and Innovation today announced an investigation into multiple debt collectors. Read more…
California Consumer Financial Protection Law in Effect, DFPI Better Prepared to Protect Consumers and Foster Financial Innovation
January 4, 2021, With the California Consumer Financial Protection Law in effect, the DFPI will exercise expanded powers to better protect consumers. Read more…
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