2022 Press Release

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.

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.

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.

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.

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.

The Department of Financial Protection and Innovation (DFPI) is investigating the apparent failure of crypto asset platform FTX.

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.

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.

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.

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.

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.

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.

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.

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).