May 2024

Build wealth through banking

In addition to providing a safe place to put your money, most banks and credit unions can invest your money and earn you a return on interest. Here are some banking services that can help you start building wealth.

Advancing economic opportunities for Asian American communities

Meet two of our partners that support financial education and empowerment programs in local communities.

What if my student loan is transferred to a new servicer?

If you have a student loan, starting May 4, 2024, your account may be transferred to a new servicer. Follow these guidelines for what to do next.

EVENTS

We explore a new topic every month in our consumer financial education webinars and attend in-person community events each week.

Our Latest Webinars

How to Invest Wisely

June 5, 12 – 1 p.m. | Virtual

Tour our newly launched Investor Center website and get a step-by-step process for investing smarter. Learn how to develop your investment goals, understand risks and rewards, and protect yourself from investment frauds and scams with free financial education courses, news, information, and resources.

In case you missed it: DFPI hosted our annual Financial Literacy Resource Webinar on Apr. 24. Check out exhibits from our community partners and watch the recorded webinar which includes opening remarks from Commissioner Hewlett and a panel discussion with industry experts on avoiding online financial fraud and scams moderated by Mary Ann Smith, Deputy Commissioner of Enforcement.

Upcoming Community Events

June 4

Protect Yourself from Identity Theft

1 – 2 p.m.

Simi Valley

June 7

Senior Scam Stopper with Asm. Sharon Quirk-Silva (AD67)

10:30 a.m. – 12 p.m.

Cypress

June 11

City of Calabasas Fraud Prevention Presentation

10:30 – 11:30 a.m.

Calabasas

For more events happening in your community, visit our Events Calendar.

NEWS & UPDATES

California Consumer Financial Protection Law 2023 Annual Report – Our 2023 annual report highlights significant increases in investigations, public actions, and consumer outreach efforts over the course of the third year since the California Consumer Financial Protection Law (CCFPL) was adopted.
Crypto Scam Tracker Recognition – Our Crypto Scam Tracker was recently recognized by Newsweek as a consumer resource to look up crypto related scams and fraud.

CONSUMER ALERTS & ENFORCEMENT ACTIONS

Each month, we keep you up to date on the latest financial scams, fraudulent activities, and deceptive practices, and the enforcement actions we're taking against bad actors.

DFPI Takes Action to Protect California Student Loan Borrowers – MOHELA will pay penalties for failing to provide timely access to borrower data.
Last month, we issued four new notifications and warnings to consumers about action we took on a new smishing scam, fraudulent bank website, and more.

The Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) has released its 2023 Internet Crime Report. In 2023, people lost $12.5 billion to cybercrimes based on the more than 880,000 complaints received. Investment fraud was the costliest type of crime with losses of $4.57 billion. Victims 30 to 49 years old were most likely to report losses from investment fraud, while older adults accounted for more than half of losses to tech support scams.

CLOTHILDE V. HEWLETT
Commissioner of Financial Protection and Innovation