DFPI

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

A year after implementing one of the most expansive consumer protection laws in the country, the Department of Financial Protection and Innovation (DFPI) announced it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations …continue reading

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

Following the rapidly evolving situation in Ukraine and Russia, DFPI Commissioner Cloey Hewlett issued a guidance to banks, credit unions, money transmitters, and others on March 4 reminding financial institutions to follow state and federal regulations and be mindful of an elevated cybersecurity risk. All financial institutions licensed by the …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) is now accepting applications for its CalMoneySmart Grant Program, which will award a total of $2 million this year to nonprofits providing free financial empowerment programs for unbanked and underbanked consumers in California. This is the third year of grant funding. …continue reading

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

Following the announcement of $1 billion in funding from the U.S. Treasury, California homeowners who have fallen behind on home payments can now apply for a grant to repay missed mortgage payments or reverse mortgage arrearages during the COVID-19 pandemic. Information on eligibility requirements and how to apply are available …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) today announced it entered a novel consent order with Los Angeles-based Wheels Financial Group, Inc., doing business as LoanMart, that prohibits the company from marketing or servicing automobile title loans of less than $10,000 with rates greater than 36 percent in …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) 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

As some pandemic foreclosure protections end, the Department of Financial Protection and Innovation (DFPI) is working to avoid a repeat of the 2008 foreclosure crisis by making sure that licensees servicing residential mortgages comply with state and federal laws protecting homeowners from COVID-19-related financial insecurity and inform eligible consumers about …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 Department of Financial Protection and Innovation (DFPI) permanently barred James Jacob Berry and any company he owns or controls from seeking future enrollment as a PACE solicitor’s agent or PACE solicitor, after finding that Berry and his three companies misled consumers by marketing their product as a “no-cost” government-funded …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