
2022 Press Release
DFPI Orders MyConstant To Cease Offering Crypto-Related Products
The Department of Financial Protection and Innovation today announced that it has ordered CONST LLC (doing business as “MyConstant”) to desist and refrain from violating the California Securities Law and California Consumer Financial Protection Law.
DFPI Moves to Revoke BlockFi’s CA Financing Law License
The Department of Financial Protection and Innovation today announced that Commissioner Clothilde V. Hewlett has moved to revoke BlockFi Lending LLC’s (BlockFi) California Financing Law (CFL) license.
DFPI Suspends SALT Lending LLC’s Financing License Pending Investigation
The Department of Financial Protection and Innovation today announced that Commissioner Clothilde V. Hewlett issued an Order suspending SALT Lending LLC’s California Financing Law license for 30 days pending the DFPI’s investigation.
DFPI Suspends BlockFi’s Financing License Pending Investigation
The Department of Financial Protection and Innovation announced today that Commissioner Clothilde V. Hewlett issued an Order suspending BlockFi’s California Financing Law license for 30 days pending the DFPI’s investigation.
DFPI Moves to Suspend SALT Lending LLC’s License
The DFPI has issued a notice to suspend SALT Lending LLC’s California Financing Law license for 30 days pending the Department’s investigation into SALT’s recent announcement to limit its platform activity including pausing client withdrawals.
DFPI Moves to Suspend BlockFi’s Lending License, Confirms BlockFi No Longer Lending in California
The DFPI has issued a notice to suspend BlockFi Lending LLC’s California Financing Law lender license for 30 days pending the Department’s investigation into BlockFi’s recent announcement to limit its platform activity including pausing client withdrawals.
DFPI Announces Investigation Into Crypto Asset Platform FTX
The Department of Financial Protection and Innovation (DFPI) is investigating the apparent failure of crypto asset platform FTX.
DFPI Launches Crackdown on Crypto Asset-Fueled Ponzi and Pyramid Schemes
The Department of Financial Protection and Innovation (DFPI) announced today that it has issued desist and refrain orders against 11 different entities for violations of California securities laws.
DFPI Joins Other State Securities Regulators To Bring Actions Against Another Crypto Interest Account Provider
The California Department of Financial Protection and Innovation (DFPI) announced today it has joined seven state securities regulators to bring actions against the Nexo Group (Nexo) in connection with its Earn Interest Product accounts.
California Department of Financial Protection and Innovation and Federal Trade Commission Sue to Halt Los Angeles-based Mortgage Relief Scam
A federal court today unsealed a joint complaint by the California Department of Financial Protection and Innovation (DFPI) and the Federal Trade Commission (FTC) against a recidivist mortgage assistance relief scam.
DFPI Awards Nearly $2 Million in Grants for Financial Education and Empowerment Programs
The DFPI today announced the award of nearly $2 million in CalMoneySmart grants to nonprofit organizations throughout California to support free financial education and empowerment programs, including web and classroom-based content and individualized coaching, for unbanked and underbanked consumers.
DFPI’s Commercial Financing Disclosure Regulations Approved to Become Effective as of December 9, 2022
On June 9, 2022, the California Office of Administrative Law (OAL) approved the Department of Financial Protection and Innovation’s (DFPI) proposed commercial financing disclosure regulations.
DFPI Seeks Public Comment on Oversight of Crypto Asset-Related Financial Products and Services Under the California Consumer Financial Protection Law
Governor Gavin Newsom issued Executive Order N-9-22 (Executive Order) on May 4, 2022, to foster responsible innovation, bolster California’s innovation economy, and protect consumers.
California DFPI Hosts Webinar to Help Student Loan Borrowers
The DFPI is working with state and federal agencies as well as local nonprofits to educate student loan borrowers about their rights and upcoming federal deadlines, including the Public Service Loan Forgiveness Waiver that expires on Oct. 31, 2022.
DFPI Marks Success in Implementation of the California Consumer Financial Protection Law
The DFPI announced it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations using its expanded authority under the California Consumer Financial Protection Law (CCFPL).
Are you our Next Grantee? The DFPI Begins Accepting Applications for up to $200,000 CalMoneySmart Grants
The DFPI is now accepting applications for its CalMoneySmart Grant Program, which will award a total of $2 million this year to nonprofits providing free financial empowerment programs for unbanked and underbanked consumers in California.
DFPI Sues to Stop $68 Million Precious Metals and Coin Fraud Targeting Elderly
As part of a nationwide effort, the DFPI, in partnership with the federal Commodity Futures Trading Commission (CFTC) and 26 other state regulators, filed a federal lawsuit against a precious metals dealer and its owner for perpetrating a $68 million fraudulent scheme that targeted the elderly.
Los Angeles-based Rent-to-Own Furniture Startup Agrees to Refund Overcharges and Comply with Consumer Protection Laws
In its first action against a rent-to-own firm violating the California Consumer Financial Protection Law (CCFPL), the DFPI today finalized a settlement with Los Angeles-based rent-to-own furniture provider Fernished, Inc., doing business as Fernish.
DFPI Efforts Spur Participation in Mortgage Relief Program Funded by U.S. Treasury
Following the announcement from Gov. Gavin Newsom of the approval by the U.S. Treasury to provide $1 billion in mortgage relief grants to homeowners, the DFPI highlights efforts that spurred participation in the program and helped forge a national model to protect homeowners impacted by the COVID-19 pandemic.
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