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).
2023 Annual Report
2023 Highlights
- Experienced a 70 percent increase in CCFPL-related consumer complaints. The top two CCFPL-related complaints involved crypto assets (41 percent) and debt collectors (36 percent).
- Opened 734 CCFPL-related investigations and issued 181 public CCFPL actions.
- Launched a nationally-recognized web-based consumer protection tool, the Crypto Scam Tracker, to help Californians spot and avoid scams related to crypto assets.
- Implemented a new consumer complaints portal to improve complaint management, data quality, and enhance the consumer’s experience.
- Advanced two significant rulemaking packages, including better protections for small businesses against unlawful, unfair, deceptive, or abusive acts and practices (UUDAAP) and new registration and reporting requirements for four previously unregistered products and services in California. These include earned wage access, debt settlement services, debt relief services, and private postsecondary education financing products.
- Promoted two statewide multilingual and multichannel communications campaigns generating 1.25 million clicks by consumers to learn more and reaching 30,000 consumers statewide through outreach and education events.