2023 Press Release

On December 4, 2023, Judge R. Gary Klausner granted the Department of Financial Protection and Innovation’s Motion for Summary Judgment in the case Small Business Finance Association v. DFPI.

The DFPI announced today that the U.S. Bankruptcy Court for the District of Delaware has approved a joint Stipulated Final Judgment in the Chapter 7 bankruptcy case of Prehired, LLC and its related entities (Prehired).

The DFPI announced today it is seeking public comment prior to engaging in formal rulemaking for the new Digital Financial Assets Law  (DFAL), which was signed into law by Governor Gavin Newsom on Oct. 13, 2023.

The California Department of Financial Protection and Innovation (DFPI) announced today that it has signed a consent order with F45 Training, Inc. for violations of the Franchise Investment Law.

The DFPI announced today that it has joined a multi-state settlement with precious metals dealer True Bullion, LLC dba Gold Silver International Exchange dba GSI Exchange and its Senior Partner, Anthony Allen Anderson (collectively, GSI).

The DFPI today announced that, in partnership with the U.S. Commodity Futures Trading Commission (CFTC) and 29 other state regulators, the parties have reached a settlement with precious metals dealer Safeguard Metals, LLC and Jeffrey Ikahn in a federal lawsuit.

In a continuation of a yearlong crackdown on unscrupulous debt collectors, the DFPI announced today that it has issued enforcement actions against four entities for unlicensed debt collection activity.

The DFPI and 43 other state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper.

The DFPI, in partnership with the CFTC, today filed a lawsuit in the United States District Court for the Central District of California centering on a $21 million fraudulent scheme that specifically targeted customers’ retirement savings.

The DFPI announced today that it has ordered Tilila Siola’a Walker-Sumchai of Stockton, California, and four entities under her control to desist and refrain from an alleged securities fraud scheme targeting Tongan communities across California.

The DFPI announced today the launch of the Student Loan Empowerment (SLE) Project, a new $7.25 million grant program that will support nonprofit organizations delivering education, counseling, and legal assistance programs for Californians with student loans.

DFPI announced nearly $2 million in CalMoneySmart grants to 15 nonprofit organizations across California, expanding the reach of the program to 28 counties, the largest number to date.

The Commissioner of the DFPI announced today that she has issued desist and refrain orders against three different entities for violations of California securities laws.

The DFPI announced today that investors that purchased retail precious metals from Los Angeles based Lear Capital, Inc. will receive compensation as a part of Lear’s bankruptcy plan.

The DFPI announced today that it has joined the Consumer Financial Protection Bureau and 10 state attorneys general in filing a complaint against Prehired, LLC and its related entities for violations of the Consumer Financial Protection Act of 2010.

The DFPI announced today it has joined a multi-state settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc..

The DFPI announced today that it has issued a desist and refrain order against CryptoFX LLC (CryptoFX) and two of its promoters for violating California securities laws by offering and selling unqualified securities and making material misrepresentations and omissions to investors.

The DFPI announced today it has made significant progress growing its reach and impact in key areas affecting California consumers, two years into implementing one of the most expansive consumer financial protection laws in the nation.

The DFPI announced today that it has issued an action against Coinbase Global, Inc. and Coinbase, Inc. for violations of securities laws and corresponding penalties in connection with Coinbase’s staking rewards program.

The DFPI announced today that it has issued enforcement actions against three entities for unlicensed debt collection activity under the Debt Collection Licensing Act (DCLA) and unlawful, unfair, deceptive, or abusive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL).

The DFPI today announced that it has issued a joint consent order with the Federal Reserve Board of Governors (FRB) to facilitate the implementation of the voluntary liquidation plan announced by Silvergate Capital Corporation and Silvergate Bank on March 8, 2023.

DFPI, in partnership with the CFTC and the State of Hawaii, today filed a federal lawsuit against Red Rock Secured, a precious metals dealer, for perpetrating $60 million fraudulent scheme that targeted customers’ retirement savings.

SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today released its Review of DFPI’s Oversight and Regulation of Silicon Valley Bank (SVB).

The DFPI announced today that it has joined a multi-state settlement with Robinhood Financial LLC, which will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors.

The DFPI today announced that New Jersey-based crypto lending platform BlockFi Lending LLC (BlockFi) agreed to direct its servicer to provide Californians more than $100,000 in refunds, subject to the bankruptcy court’s approval.

The DFPI is conducting a comprehensive review of the department’s oversight and regulation of Silicon Valley Bank and will issue a report by early May 2023.

The deposits made today into California-chartered First Republic Bank by 11 large banks underscores the importance of regional banks in our banking system. Regional banks provide vital banking services relied upon by communities across California.

The DFPI announced today that it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency, and has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank.

The California Department of Financial Protection and Innovation announced today that its licensee, Silvergate Bank, has voluntarily begun the process of liquidation.

The DFPI announced today that it entered into a Consent Order with an unlicensed Orange County student debt relief company, EDU Doc Support, LLC (EDU) and its owner, Hau H. Nguyen (Nguyen).

The Department of Financial Protection and Innovation (DFPI) announced today that it has launched the DFPI Crypto Scam Tracker to help Californians spot and avoid crypto scams.

The DFPI announced today that it has issued enforcement actions against multiple debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA) and unlawful and deceptive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL).

The DFPI announced today it has entered into a settlement agreement with Nexo Capital Inc. (Nexo) to resolve the DFPI’s September 26, 2022 securities enforcement action in connection with Nexo’s Earn Interest Product program.