Opening a financial account is a big step, and these tips can help you make the right choice. Already have an account? Read our guide to see if your institution meets these key criteria.
National Financial Awareness Day (Aug. 14) – Here's your annual reminder to build or refresh your money skills and knowledge. The National Financial Educators Council reported earlier this year that 42.4% of Americans were unable to pass a basic financial literacy test. But as a reader of this newsletter, you’re already ahead of the curve. Feel like you need to brush up on your financial knowledge? Check out our financial literacy guide.
Prize and lottery scams are one of the most common ways criminals steal money and personal information. Learn how these schemes operate, spot the red flags, and protect yourself.
We announced that 12 nonprofit organizations will receive nearly $3.3 million to provide financial literacy education, coaching, and access to free products for unbanked or underbanked Californians.
The nonprofit organizations will provide services to a wide range of Californians, including domestic violence survivors, people with disabilities, and tribal communities.
They will cover 38 counties, including an expansion of the program into the North State, Central Valley, and rural service areas.
Over the past six years, CalMoneySmart has helped more than 60,000 Californians set sustainable financial goals and move toward financial wellbeing.
This is the final award cycle of available funding for the program.
Outreach Event of the Month
On July 18, DFPI Targeted Outreach Specialist Sally Westlake, hosted a resource table at a State Resource Fair with Senator Steven Choi (SD37) in Tustin. To have the DFPI host a resource table at your event, email us at outreach@dfpi.ca.gov.
Tech-enabled Fraud & Scams Survey Results – This spring, in conjunction with Consumer Reports, we surveyed nearly 800 Californians about their experiences with tech-enabled scams received through e-mails, texts, messaging apps, and social media. Check out the survey results.
DFAL Licensee Applications Webpage – Under California’s Digital Financial Assets Law (DFAL), crypto companies must now have a license to operate in the state. See the list of companies that have submitted an application.
Consumer Alerts & Enforcement Actions
Academy Mortgage Corporation Enforcement Action – We ordered the Utah-based Academy Mortgage Corporation to pay $825,000 for failing to adequately protect the personal information of more than 284,443 people, including at least 34,452 California residents. The company will also offer impacted customers free identity theft insurance coverage for one year.
Job Interview Malware Trap – We issued a consumer alert about a job interview malware trap, also known as a contagious interview scam. Scammers often advertise job vacancies on social media with ads that appear legitimate. When an applicant is asked to download a “skills test,” “coding exercise,” "test script," or another tool to complete the task, the application platform installs malware that can capture your personal information.
California’s booming solar industry can leave consumers vulnerable to shady companies. That’s what happened to Tiffany* in Corona. Facing high electric bills, she considered solar financing through a DFPI‑licensed company and signed a loan with the option to cancel if she changed her mind. When she tried to do just that, the company sent her a $17,000 bill and threatened collections. DFPI’s Consumer Services team stepped in and resolved the issue. Read more.
*A pseudonym is used for privacy.
It’s never too early for your kids to learn online safety skills. It’s back-to-school time, and the Federal Trade Commission has launched a free tool that helps 8–12-year-olds make good decisions while they’re online. Youville is an imaginary town where Youbies live. The Claud causes chaos in town while you and your kids work to save them. Activities are designed to help kids learn about privacy and online safety, digital citizenship, understanding advertising, and how to spot and avoid scams. The program also offers classroom resources for educators.
KC Mohseni Commissioner of Financial Protection and Innovation
California Department of Financial Protection and Innovation, 651 Bannon Street, Suite 300, Sacramento, California, 95811
