Monthly Bulletin April 2026

DFPI News

CCFPL Turns Five: A Look at Its Impact

2026 marks the fifth anniversary of the California Consumer Financial Protection Law (CCFPL). Over the past five years, this landmark legislation has enabled the DFPI to expand oversight to previously unregulated financial services and products and enhance consumer protections from predatory business practices.

Under CCFPL, the DFPI has:

• Secured $1,251,818 in restitution for consumers
• Issued 917 enforcement actions
• Received 9,522 complaints

Explore how the DFPI implements the CCFPL and delivers meaningful results for consumers and industry.

Report Cybersecurity Incidents to the DFPI

FBI counterterrorism and counterintelligence teams remain on high alert worldwide, in response to the ongoing situation in the Middle East. DFPI is not aware of a specific threat, but all institutions are encouraged to maintain a high level of awareness. Read more in the March Monthly Bulletin. The Conference of State Bank Supervisors (CSBS) has also released a useful guide, Cyber Hygiene Fundamentals for Financial Institutions. If you experience a cybersecurity incident, please report it to the relevant authorities and let DFPI know by completing this form.

WhatsApp Group Posing as Licensed Adviser

Consumer Alert: Individuals using the WhatsApp group “Sofi Investment Group” are falsely posing as licensed investment advisers. They are not licensed investment advisers or broker-dealers in California.

They are also not associated with SoFi Securities LLC, a registered broker-dealer in California, or any SoFi affiliates.

Applications for the 2026-28 CalMoneySmart Grant Program Open

Applications are now open for the 2026-28 CalMoneySmart Grant Program through April 27, 2026. Additional information regarding eligibility and application instructions and resources is available on the DFPI CalMoneySmart webpage.

CalMoneySmart supports nonprofit organizations that deliver free, high quality financial education and empowerment services to underserved Californians. To date, the program has distributed more than $10 million in grants to help expand financial literacy across the state. Additional information regarding eligibility and application instructions and resources is available on the DFPI CalMoneySmart webpage.

Credit Unions News

California Executive Forum on June 10, 2026

Join the National Association of State Credit Union Supervisors (NASCUS) and California’s Credit Unions on June 10, 2026, for a California Executive Forum with industry leaders, system stakeholders, credit unions, and board members.

Explore and discuss the pressing issues facing the industry today. Expand your network, gain insights into solutions for evolving challenges, and engage in collaborative discussions on the future of the state system. This is an in-person event.

Click here to register or visit NASCUS’s events calendar at NASCUS.org/events for more information.

• Who should attend: Credit union board members, committee members, and management are encouraged to participate in this excellent training opportunity.
• Location: SchoolsFirst Federal Credit Union, 15332 Newport Ave, Tustin, CA 92780
• Cost to attend: $199 for NASCUS Members/California’s Credit Unions League; $299 for Non-Members

Please contact Isaida Woo at [email protected] with any questions or concerns. Feel free to share this invitation with your teams.

Credit Union Overdraft Fee Limits

Credit Unions now have stricter limits on what they can charge customers who overdraw their account. A new 2026 law means the maximum fee is $14, or a lower amount if the Consumer Financial Protection Bureau sets one. Institutions must also warn customers whenever an overdraft fee is applied, so customers are not surprised by the charges.

Digital Financial Assets News

Digital Financial Assets Law (DFAL) License Application Portal is Now Open

The DFPI is accepting online license applications from companies or individuals offering certain crypto-related activities to California residents.

By July 1, 2026, any individual or company offering certain crypto-related activities for or on behalf of California residents must either hold a DFAL license, have applied for a DFAL license, or be otherwise exempt from DFAL licensure. This includes crypto exchanges, crypto custodians, and crypto kiosks. Read more in the March Monthly Bulletin.

Escrow News

Some Escrow Annual Reports Due April 15

Escrow agents are required to submit to the Commissioner an annual report prepared by an independent certified public accountant (Financial Code section 17406) within 105 days after the close of the escrow agent’s fiscal year. The annual report includes audited financial statements and required supplemental information.

If your fiscal year ended on December 31, 2025, your annual report is due April 15, 2026. Please have your CPA email your report to [email protected] by the deadline using a secure, encrypted delivery system. The use of a secure Dropbox is also acceptable. If your CPA is unable to submit the annual report electronically, it can be mailed to Stephanie Yoro, Office Technician, Escrow Law, Department of Financial Protection and Innovation, 320 West Fourth Street, Suite 750, Los Angeles, CA 90013.

Failure to file the annual report by the due date or to include the required information may result in a $100 fine per day for the first five days a report is late and $500 per day thereafter (Financial Code section 17408). It may also result in the suspension or revocation of an escrow agent’s license or prompt an immediate examination (Financial Code section 17602.5). For questions about the annual reports, email [email protected].

Escrow Assessment Clarification for Licensees

To ensure clarity for all escrow licensees, the DFPI is providing additional explanation regarding the timing of the new annual Escrow assessment rate. The DFPI’s fiscal year runs from July 1 through June 30.

Each May, the DFPI issues annual assessment invoices for the upcoming fiscal year that begins on July 1. Given this, the invoices that licensees will receive in May 2026 are for the 2026–27 fiscal year.

Read the full details in the January Monthly Bulletin.

Broker-Dealers & Investment Advisers News

BDIA Online Examinations Started on April 2, 2026

The Broker-Dealer & Investment Adviser Division has initiated its annual online examinations for certain registered investment advisers, in accordance with the DFPI’s authority under California Corporations Code Section 25241, subdivision (c). This mandatory examination consists of an online examination for investment advisers registered with the DFPI, who have their principal place of business in another state. Read more in the March Monthly Bulletin.

Reminder: Investment Adviser Filing Deadlines

Each year, an investment adviser (IA) must file an annual updating amendment to Form ADV [Section 260.241.4]. This amendment should be filed with Investment Adviser Registration Depository (IARD) within 90 days of the firm’s fiscal year-end. Firms must also amend Form ADV (Parts 1 and 2) whenever the information in Form ADV becomes inaccurate. Please refer to Form ADV General Instructions, Item 4, for further information.

If an IA is subject to the minimum financial requirements (Section 260.237.2), the firm must submit an annual financial report to the DFPI Commissioner within 90 days after the firm’s year-end. This report should accurately reflect the firm’s financial condition.

See full details in the February Monthly Bulletin.

Upcoming Consumer Education Event

Every month, we educate consumers through community events and a monthly webinar.

This month, join DFPI Targeted Outreach Director Kue Lee for a webinar on investment scams.

Protect Yourself from Investment Scams Webinar

April 8, 1 – 2 p.m.

Learn how to recognize the psychological sales tactics and red flags of investment scams before you fall victim to losing your life savings.

Register here.