In honor of National Veterans and Military Families Month, the DFPI has gathered a wide range of resources dedicated to protecting our California veterans and military servicemembers. Veterans, military servicemembers, and their families are much more likely than civilians to be targeted by scammers for fake charities and pension or disability theft. We also celebrate Mortgage Loan Originator team member William Burgos' journey from the Air Force to the DFPI. His story highlights veterans' unique contributions and skills to our community, enriching our work with dedication. Read More.
The DFPI's Consumer Services Office annually assists thousands in resolving financial issues through complaints, providing insights into trends like the rise in crypto-related complaints and scam prevention in California.
The holiday season is here! Like millions of Americans, you probably plan to buy many holiday gifts online. The internet has made shopping easy, more affordable, and convenient – without having to leave your home (or pajamas). Follow these six tips for safer holiday shopping. Read More.
Learn about year-end financial decisions and strategies to positively impact your financial well-being next year and beyond, including tax planning, maximizing contributions to retirement accounts, charitable giving and donations, budgeting, and more. Register online.
KC Mohseni appointed DFPI Chief Deputy Commissioner - Governor Newsom appointed Mohseni in Oct. 2023. He brings experience from more than a decade in leadership roles in the State of California, most recently as Chief Operating Officer in the State Controller’s Office from 2022 to 2023.
Governor Newsom Signs Digital Financial Assets Law - In the 2023-2024 legislative session, Governor Newsom signed Assembly Bill 39 and Senate Bill 401, which together create the Digital Financial Assets Law (DFAL). The law will enable the DFPI to provide stronger consumer and investor protections to prevent fraud and ensure that bad actors are held accountable. The DFPI is seeking public comment on topics related to the DFAL license application, licensure requirements, and stablecoin approval by Jan. 12, 2024. The DFPI will host a virtual informal listening session with stakeholders on Jan. 8, 2024. Interested parties should email regulations@dfpi.ca.gov with the subject line “DFAL Listening Session RSVP” for an invitation to attend.
Do Your Own Research Campaign – We offer tools and alerts to help Californians make savvy financial decisions. Visit our Consumer Webpage for the latest educational resources. View the latest videos Do Your Own Research and Anatomy of a Scam that were posted on the Department’s social media sites. Protect your money. Know your rights. Do your own research.
CONSUMER ALERTS & ENFORCEMENT ACTIONS
Prehired Multi-State Settlement –The U.S. Bankruptcy Court for the District of Delaware has approved a settlement with Prehired, LLC's, resolving a multi-agency complaint about its tech bootcamp tuition financing.
GSPartners Securities Law Violation – The DFPI, with other states, issued a desist order against GSB Gold Standard Bank Ltd. and partners for securities law violations, including misrepresentations in crypto asset investments.
F45 Consent Order– The DFPI reached a consent order with F45 Training, Inc. for Franchise Investment Law violations, including a $152,500 penalty and franchise termination offers in California, similar to settlements in Washington, Michigan, and Illinois.
True Bullion Multi-State Settlement– The DFPI joined a multi-state settlement with True Bullion, LLC and Anthony Allen Anderson for not disclosing key information and risks in precious metals transactions, violating California Commodities and Securities Laws.
Safeguard Metals Multi-State Settlement – The DFPI announced that, in partnership with the U.S. Commodity Futures Trading Commission (CFTC) and 29 other state regulators, it has reached a settlement with Safeguard Metals, LLC and Jeffrey Ikahn. Safeguard and Ikahn engaged in a $68 million precious metals fraud that targeted the elderly.
ACI Payments Multi-state Enforcement Action – The DFPI announced it has joined a multi-state settlement with money transmitter firm ACI Payments Inc. due to alleged money transmission instruction errors. The action is being coordinated by the Conference of Bank Supervisors (CSBS). The Consent Order includes penalties of $10 million to be divided between 45 participating states.
The three national credit reporting agencies — Equifax, Experian, and TransUnion — have permanently extended a COVID-19 relief program that lets you check your credit report at each of the agencies once a week for free. Visit AnnualCreditReport.com to request free copies of your credit reports. Other sites may charge you or are fraudulent sites to steal your personal information. Learn more.
CLOTHILDE V. HEWLETT Commissioner of Financial Protection and Innovation
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