Featured News and Updates
Press Release
California Joins $106 Million Multi-State Settlement with Vanguard over Big Tax Bills, Remediation to Investors
The DFPI joined in a $106 million, multi-state settlement with Vanguard Marketing Corp. and The Vanguard Group, Inc. Vanguard was accused of failing to properly supervise its representatives and not warning investors about possible tax consequences after lowering investment minimums for certain retirement funds.
Consumer Insights
Pig butchering - how to spot and report the scam
Apr 15, 2025
Pig butchering is an investment scam where fraudsters gain the trust of victims over time and then deceive them into investing in fake cryptocurrency or another fraudulent investment opportunity. The term refers to the agricultural practice of fattening pigs before slaughter, symbolizing how scammers "fatten" their victims with false attention before exploiting them financially.
Alerts
Scam Alert: Imposter Posing as DFPI in Crypto Investment Scheme
Apr 25, 2025
The California Department of Financial Protection and Innovation (DFPI) has received reports of scammers claiming to be from “CDFI,” using deceptive email addresses such as [email protected] and [email protected].
Alerts
Advisory to Small Businesses: Speak Up About Merchant Cash Advances
Apr 14, 2025
The DFPI wants to hear from small businesses that may have fallen prey to unfair, deceptive, or abusive practices in connection with a financial product known as a merchant cash advance (MCA).
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Industry Updates
Important Notices
Proclamation of an Extraordinary Situation – DFPI Proclamation – 1/8/25
Jan 8, 2025
WHEREAS on January 7, 2025, Governor Gavin Newsom proclaimed that a state of emergency did then exist in Los Angeles and Ventura Counties of California due to extreme fire and windstorm conditions; and
Press Release
Critical DFPI Protections for Small Businesses Upheld by Ninth Circuit Court of Appeals
Apr 25, 2025
On April 15, 2025, the United States Court of Appeals for the Ninth Circuit ruled in favor of the Department of Financial Protection and Innovation (DFPI) and its common-sense regulations providing protections for small businesses.
Press Release
DFPI Reaches Agreement with Failed Money Transmitter Sigue Corp., Affected Customers Can Now File Claims for Full Refunds
Mar 20, 2025
The DFPI has reached an agreement with Southern California-based money transmitter Sigue Corporation for failure to meet outstanding liabilities following its collapse in 2024.
Monthly Bulletin
Monthly Bulletin – April 2025
Apr 14, 2025
- Notice of Proposed Rulemaking – Money Transmission Act / Digital Financial Assets Law
- Sigue Money Transmitter Settlement
- California celebrates 175th birthday
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