CA DFPI Releases 2024 Report

The California Department of Financial Protection and Innovation (DFPI) recently released its 2024 annual report.  The report detailed increases in investigations, public actions, and consumer outreach under the California Consumer Financial Protection Law (CCFPL).  As noted in the report, key accomplishments for 2024 are that DFPI:

• Received approval and began implementing the first registration regulations under the CCFPL for income-based advances, private postsecondary education financing, debt settlement services, and student debt relief services;
• Obtained a $4.2 million judgment in its first lawsuit filed jointly with the CFPB and 10 other states under Title X of the Dodd-Frank Act;
• Received 2,388 consumer complaints related to the CCFPL, a six percent increase from 2023.  The top two CCFPL-related complaints were for crypto assets (42 percent) and debt collectors (31 percent);
• Opened 699 CCFPL-related investigations and issued 202 public CCFPL actions, a 12 percent increase from 2023;
• Doubled the number of views and visitors to the DFPI’s 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; and
• Promoted a state outreach and education campaign, generating roughly 130 million impressions, 30 million video views, and 1 million consumer clicks.