California Consumer Financial Protection Law Reports
The DFPI is required to publish an annual report detailing actions taken under the Consumer Financial Protection Law (CCFPL), including rulemaking, enforcement, oversight, consumer complaints, education and research, and the activities of the Office of Financial Technology Innovation. This is the second annual report published since the CCFPL was approved in 2020 (AB 1864).
2022 Annual Report
- The DFPI has begun meeting the most urgent consumer needs and is a national leader in consumer protection, including areas like student loan outreach and support, crypto, and debt relief.
- The DFPI is in position to better enforce other laws and respond to emerging fintech products, services and scams, has taken novel actions, and continues to push to bonds with other regulators.
- The DFPI Enforcement Division conducted 196 investigations related to the CCFPL, an increase of 85 percent from 2021.
- The DFPI received 1,318 complaints regarding products and services subject to the CCFPL, which is slightly more than double the number of complaints received in 2021.
- The DFPI received 402 CCFPL-related complaints regarding crypto assets, a 238 percent increase from 2021. Enforcement opened 110 crypto-related CCFPL investigations, and the DFPI launched a Crypto Assets Consumer Alerts landing page on the DFPI website and issued 67 public actions and 65 consumer alerts to help consumers navigate the volatility of the crypto assets market.
- Approximately 105,000 people statewide attended DFPI targeted outreach and education events focused on reaching specific targeted communities that have been historically underserved by the financial industry: People of Color (primarily Black and Latino), Older Adults/Seniors, Military Servicemembers/Veterans, Students, and New Americans/Immigrants.
- The DFPI Communications and Outreach Division launched a statewide multilingual and multichannel communications campaign to increase consumers’ awareness of the DFPI’s expanded mission through the CCFPL. The three-month campaign generated a circulation of 55.7 million impressions statewide.