On Apr. 25, Governor Newsom appointed Suzanne Martindale as DFPI's Chief Deputy Commissioner, where she has served as Senior Deputy Commissioner of Consumer Financial Protection since 2021. On Apr. 29, Martindale was sworn in by Commissioner Mohseni.  

Effective February 15, 2025, no person shall engage in the business of offering or providing education financing or income-based advances without registration under the California Consumer Financial Protection Law (CCFPL).

For CFL licensees that offer or provide one or both subject products mentioned under the CFL license, the Department kindly requests that you provide this notice no later than June 2, 2025. More.

For Fraud Prevention Month, we partnered with the California Department of Aging on an older adult scam alert statewide campaign. The campaign introduced co-branded social media posts and a downloadable one-page fact sheet that was shared at community events throughout California. The fact sheet is also available in multiple language translations.  

We joined 49 states and the U.S. Virgin Islands, Puerto Rico, and Guam in a $106 million settlement with Vanguard Marketing Corp. and The Vanguard Group, Inc. for failing to supervise certain registered persons and disclose potential tax consequences to investors. More.

We announced a big win for small businesses! On April 15, the U.S. Court of Appeals for the Ninth Circuit ruled in favor of DFPI’s protections for small businesses. The ruling requires finance lenders and brokers to disclose key financing terms to small businesses to help them choose financing that provides the best value for their needs. More.

We announced a big win for small businesses! On April 15, the U.S. Court of Appeals for the Ninth Circuit ruled in favor of DFPI’s protections for small businesses. The ruling requires finance lenders and brokers to disclose key financing terms to small businesses to help them choose financing that provides the best value for their needs. More.

We posted a scam alert concerning a crypto investment scammer claiming to be from “CDFI,” using deceptive email addresses to closely mimic the DFPI. The imposter is offering fraudulent crypto mining and investments, demanding upfront fees

We posted a video alert on our YouTube and social media channels informing GS Partners investors to file their refund claims by May 22, 2025.  

DFPI has published the report of the revenue state-chartered banks and credit unions received from fees on nonsufficient funds and overdraft charges during calendar year 2024 on its website here. The report is required by Financial Code section 521.

For more information, please refer to the FAQs.

CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans

The Consumer Financial Protection Bureau announced recently that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans. The Bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses. The Bureau is further contemplating taking appropriate action to rescind Buy Now, Pay Later.

FTC Rule on Unfair or Deceptive Fees to Take Effect on May 12, 2025

Staff of the Federal Trade Commission published Frequently Asked Questions (FAQs) designed to provide consumers and businesses with information regarding the agency’s Rule on Unfair or Deceptive Fees, which takes effect on May 12, 2025. More.

FINRA Announces New “FINRA Forward” Initiatives to Support Members, Markets and Investors

FINRA announced recently the launch of FINRA Forward, a series of initiatives to improve its effectiveness and efficiency in pursuing its mission. The three FINRA Forward initiatives are modernizing FINRA rules, empowering member firm compliance, and combating cybersecurity and fraud risks. More.