California Department of Financial Protection and Innovation

featured graphic for DFPI California Department of Financial Protection and Innovation after COVID-19

The California Department of Financial Protection and Innovation (DFPI) issued its first enforcement action against a debt collector and debt buyer, Murrieta-based F & F Management Inc. (F & F), for violating the California Consumer Financial Protection Law (CCFPL) by unlawfully threatening to sue consumers and garnish their wages, and …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation after COVID-19

The California Department of Financial Protection and Innovation (DFPI) announced the award of nearly $2 million in CalMoneySmart grants to nonprofit organizations throughout California to support new and existing financial education and empowerment programs for unbanked and underbanked consumers. The DFPI announced the second round of CalMoneySmart grants in April …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation after COVID-19

The California Department of Financial Protection and Innovation (DFPI) announced it is requiring a Tustin-based student loan debt-relief company, Amerifed Doc Prep LLC, to pay penalties and refunds totaling more than $1.37 million after finding the company violated the California Consumer Financial Protection Law (CCFPL) by collecting illegal advance fees …continue reading

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The California Department of Financial Protection and Innovation (DFPI) today announced it had signed a landmark agreement with New York-based Meratas, Inc., a company that partners with educational institutions to offer students Income Share Agreements or ISAs to finance post-secondary education and training. The agreement reflects the Department’s decision to …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation during COVID-19

The California Department of Financial Protection and Innovation (DFPI) announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. The diverse group includes a consumer advocate and representatives from …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation during COVID-19

The California Department of Financial Protection and Innovation (DFPI) joined financial regulators across the country to congratulate newly-confirmed Education Secretary Miguel Cardona and invited him to partner with states in protecting student loan borrowers by reversing policies and guidelines issued by the previous administration. In a letter signed by DFPI …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation during COVID-19

The California Department of Financial Protection and Innovation (DFPI) today launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the new California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA). The DFPI also issued a formal action against one …continue reading

featured graphic for DFPI California Department of Financial Protection and Innovation during COVID-19

The California Department of Financial Protection and Innovation (DFPI) announced an investigation into multiple debt collectors potentially engaged in unlawful, unfair, deceptive, or abusive debt collection practices in California based on consumer complaints. The DFPI is issuing subpoenas to a dozen companies with significant California customer bases, representing the first …continue reading