The latest updates from our student loan expert, Celina Damian. Recent changes to the student loan system set limits on the amount parents and students can borrow for college.
Scammers target borrowers with fake promises of student debt relief and cancellation. Don't pay someone to do something you can handle for free. Learn about your borrower rights, explore your options, and get tips on avoiding loan forgiveness scams.
Recently, DFPI Targeted Outreach Specialist Alex Cadenas shared a scam prevention presentation at a Senior Scam Stopper event hosted by Assemblymember Josh Hoover (AD07) in Carmichael. To have the DFPI provide a presentation at your event, email us at outreach@dfpi.ca.gov.
Help Stop Elder Financial Abuse
World Elder Abuse Awareness Day (June 15) reminds us that we all share a responsibility to protect elders in our community. According to the World Health Organization, one in six people aged 60+ experience some form of abuse, often by family members. The U.S. Department of Justice’s Annual Report on Activities to Combat Elder Fraud and Abuse states that between July 1, 2024, and June 30, 2025, approximately one million elderly people were scammed this way, losing more than $2.3 billion in total. If you think you have experienced elder financial abuse, or know someone who has, check out these free consumer resources:
With the July 1, 2026, deadline approaching, companies offering crypto-related services must have a Digital Financial Assets Law (DFAL) license application submitted to the DFPI to continue to do business in California. This licensing helps ensure crypto companies meet strong standards for financial stability, fraud prevention, and cybersecurity. These protections strengthen oversight of the crypto marketplace and help keep Californians’ digital financial transactions safer.
Consumer Alerts & Enforcement Actions
Home Equity “Investment” Consumer Alert – We issued a consumer alert warning homeowners about home equity “investment” (HEI) risks. These financial products are often marketed as a way for homeowners to access cash without taking on additional monthly payments. But HEI’s are complex agreements that can lead to significant or unexpected costs, and consumers should be aware of the risks before signing.
FTC Mortgage Fraud Settlement – We announced that more than 1,800 consumers—about half of them from California—who were victims of mortgage fraud will soon receive nearly $3 million in refunds. The DFPI came to the rescue, taking legal action to help distressed homeowners after a group of con artists falsely promised to give them reduced mortgage payments and foreclosure assistance during the COVID-19 pandemic. The Federal Trade Commission (FTC) joined DFPI’s lawsuit.
Navitas Unlicensed Lender Enforcement Action – We announced a $4 million penalty against a Florida-based company, Navitas, for carrying out unlicensed lending activities—a violation of the California Financing Law (CFL). The violations were discovered during DFPI’s review process when Navitas applied for a CFL license in May 2023. Affected consumers will receive refunds within 90 days.
Kay* consolidated her student loans, believing she had already made eligible payments to qualify for the Public Service Loan Forgiveness (PSLF) program. Unfortunately, her record with Federal Student Aid (FSA) was missing a large portion of her payments—making her ineligible for PSLF. Find out how Kay, with assistance from DFPI’s Student Loan Servicing Ombudsperson, secured loan forgiveness. Read more.
*A pseudonym is used for privacy.
The Elder Justice Coordinating Council hosts a free Elder Justice webinar series focused on increasing awareness, strengthening prevention efforts, and advancing coordinated responses to elder abuse, neglect, and financial exploitation. The series explores trending scams and fraud that target older adults. Learn how to recognize these scams, protect yourself, and where to go for help. Check out their latest resources on How to Avoid Imposters Scams from one of their recent webinars.
KC Mohseni Commissioner of Financial Protection and Innovation
California Department of Financial Protection and Innovation, 651 Bannon Street, Suite 300, Sacramento, California, 95811
