Throughout Women’s History Month, the DFPI is recognizing women across California who are working to eliminate gender bias and discrimination in the financial marketplace. The DFPI is not just California’s financial regulator, we’re here to support economic mobility for all Californians. Learn about community leaders that promote equity, diversity, and inclusion for women through financial education programs and entrepreneurial initiatives.
Generational wealth is financial wealth and assets that can be passed down from one generation to the next, giving your heirs the gift of greater financial security. If you are new to financial planning, you may be wondering how to start building a wealth portfolio. Follow these five steps to get started on your generational wealth building journey.
The U.S. Department of Education has rolled out a 12-month on-ramp period to protect borrowers from the harsh consequences of missed payments. The IDR One Time Adjustment, PSLF, and SAVE programs are additional options for borrowers who are still struggling to make payments or who want to get closer to loan forgiveness.
The DFPI hosts a monthly consumer financial education webinar exploring a new topic every month. Each webinar includes guest speakers and a Q&A session. Watch the series on the DFPI YouTube channel. For more events happening in your community, visit theDFPI Events Calendar.
Building wealth through banking requires using an institution’s financial tools and services to build, grow, and secure your financial assets and wealth. In this webinar, we’ll cover high-yield savings accounts, certificates of deposit (CDs), money market accounts, investment accounts, loan and mortgage management, and retirement accounts.
Department of Labor Off-Base Transition Training Employment Workshops
2024 Financial Literacy Resource Webinar – SAVE THE DATE – Apr. 24! – In celebration of National Financial Education Month, the DFPI will host its popular annual Financial Literacy Resource Webinar on Apr. 24. This year’s theme is Protecting Yourself from Scams and Fraud. Topics include important updates from community partners and a panel discussion on the growing use of technology to target consumers, and what to do to outsmart them. Register online.
Public Comments on Digital Financial Assets Law Rulemaking – DFPI has been hard at work initiating formal rulemaking for the new Digital Financial Assets Law (DFAL). Public comments from 18 interested organizations included topics related to the DFAL license application, licensure requirements, and stablecoin approval and are posted on the DFPI website.
CalHFA Launches Round 2 of California Dream for All Loans – The California Housing Finance Agency (CalHFA), one of DFPI’s sister departments, will launch the second round of the California Dream for All Shared Appreciation Loan program in April 2024. This program is designed to help first-generation homebuyers achieve the dream of homeownership through down payment and/or closing costs assistance. Act now as demand for this program is projected to be very high. Learn more.
CONSUMER ALERTS & ENFORCEMENT ACTIONS
Chime Financial Order – DFPI announced that it has entered into a consent order with San Francisco-based Chime Financial, Inc. (Chime). The order, which includes a $2.5 million penalty, resolves DFPI’s investigation regarding the accuracy and responsiveness of Chime’s handling of customer service transactions.
Home Matters USA Mortgage Fraud Action – DFPI announcedthat the U.S. District Court for the Central District of California found defendants Michael Nabati, Armando Solis Barron, Dominic Ahiga (a/k/a Michael Grinnell), and Roger S. Dyer doing business through Los Angeles-based Home Matters USA and related firms, liable for approximately $19 million in combined penalties and victim restitution. The mortgage fraud scheme harmed more than 3,000 people nationwide, particularly seniors and veterans. The ruling resolves civil action filed jointly by the DFPI and Federal Trade Commission.
Consumer Alert: Website grandvacap.com Posing as California-licensed Investment Adviser– DFPIhas received information that the website grandvacap.com is fraudulently marketing itself as a licensed Investment Adviser. The imposter website is trying to pose as Grandva Capital LLC, which is a California licensed Investment Adviser.
The Federal Trade Commission (FTC) recently released its 2023 Data Book that identifies the top scams to look out for and avoid. According to the report, people lost $10 billion to scams last year, $1 billion more than in 2022. Imposter and online shopping scams topped the list of most common fraud schemes. Email was the number-one contact method, especially when scammers pretended to be a business or government agency. Learn more.
CLOTHILDE V. HEWLETT Commissioner of Financial Protection and Innovation
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