2024 Report Highlights Expanded Rulemaking, Consumer Complaints
SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) has released its 2024 report, highlighting increases in investigations, public actions, and consumer outreach under the California Consumer Financial Protection Law (CCFPL), one of the most expansive consumer financial protection laws in the nation.
In its fourth year implementing the CCFPL, the DFPI has made significant progress and continues to expand its efforts to protect consumers and foster trust and responsible innovation in the financial marketplace. Ongoing initiatives include rulemaking, enforcement, complaint handling, market research, proactive stakeholder outreach, and recruitment to further strengthen the department’s operations and effectiveness.
DFPI Commissioner KC Mohseni highlighted the department’s progress, stating, “We can be proud of our success implementing the landmark California Consumer Financial Protection Law. Advancements in both consumer protection and fostering responsible financial innovation is significant. Many thanks to the Legislature, consumer advocates, industry leaders, small businesses, and community-based organizations for their continued input and support.”
The DFPI’s key results from 2024 include:
- Received approval and began implementing the first registration regulations under the CCFPL covering four unregistered industries:
- income-based advances,
- private postsecondary education financing,
- debt settlement services, and
- student debt relief services.
- Opened 699 CCFPL-related investigations and issued 202 public CCFPL actions, a 12 percent increase from 2023.
- Obtained a $4.2 million judgment in its first lawsuit filed jointly with the Consumer Financial Protection Bureau (CFPB) under Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Received 2,388 consumer complaints related to the CCFPL, a six percent increase from 2023. The top two CCFPL-related complaints involved crypto assets (42 percent) and debt collectors (31 percent).
- Doubled the number of views and visitors to our Crypto Scam Tracker, with nearly 400,000 individuals visiting the page in 2024 for information and resources to help Californians spot and avoid scams related to crypto assets.
- Promoted a statewide outreach and education campaign, generating nearly 130 million impressions, 30 million video views, and 1 million consumer clicks.
About the CCFPL
In 2020, the California Legislature passed the CCFPL as AB 1864 (Limón). Identifying gaps in consumer protection due to strict definitions in existing licensing laws, this law provided the DFPI with expanded authority to oversee areas of the financial marketplace previously unregulated by the DFPI.
In leveraging its authority under the CCFPL to enforce multiple consumer financial laws and respond to emerging products, services, and scams, the DFPI has established itself as a national leader in consumer financial protection and responsible innovation. The DFPI has also continued to increase collaboration with other state and federal regulators in groundbreaking actions.
About DFPI
The Department of Financial Protection and Innovation protects consumers, regulates financial services, and fosters responsible innovation. DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more at dfpi.ca.gov.