The California Department of Financial Protection and Innovation (CDFPI) is the state agency that supervises and regulates many financial services, businesses, products, and professionals in California. It protects consumers, supports businesses involved in financial transactions, and encourages new products and services.
CDFPI oversees many financial services, products, and professionals. It supervises state-licensed institutions such as banks, credit unions, and money transmitters, issuers of payment instruments and traveler’s checks, and premium finance companies.
CDFPI was established on July 1, 2013, after merging the Department of Financial Institutions, Department of Corporations, and Department of Business Oversight. It regulates many financial services, products, and professionals, and oversees state-licensed institutions like banks, credit unions, money transmitters, issuers of payment instruments and traveler’s checks, and premium finance companies.
CDFPI manages licensing, enforcement, consumer protection, and innovation. This includes the Division of Consumer Financial Protection and the Office of Financial Technology Innovation.
CDFPI enforces the California Consumer Financial Protection Law. It checks licensees for safety and consumer compliance, and offers resources for consumers to file complaints or check a company’s license.
For local issues in Los Angeles or anywhere in California, the department offers online tools for license lookups, complaint forms, and contact details on its website. The main office is in Sacramento. For the latest address, license checks, or phone numbers, visit the CDFPI website or its consumer help center.
Contact information of CDFPI
- Founded: July 1, 2013
- Address: Consumer Services
2101 Arena Boulevard, Suite 200
Sacramento, CA 95834 - CDFPI Website: www.dfpi.ca.gov
- Email: [email protected]
- Phone (toll‑free): 1‑866‑ASK‑DFPI (1‑866‑275‑3374)
What is the California Department of Financial Protection and Innovation?
The California Department of Financial Protection and Innovation (CDFPI) is the state agency that oversees many financial services, businesses, products, and professionals in California. It works under the California Business, Consumer Services, and Housing Agency. CDFPI’s mission is to protect consumers from unfair, deceptive, and abusive financial practices and to encourage responsible financial innovation.
Key roles and functions
• Licensing and supervision: CDFPI gives licenses to many financial service providers, such as lenders, mortgage servicers, payday and consumer lenders, money transmitters, and other nonbank companies. It also checks that these businesses follow California law.
• Consumer protection and enforcement: The department looks into consumer complaints, takes action against companies that break state finance laws, and helps fix problems for consumers.
• Education and outreach: CDFPI creates guides, warning notices, and other resources to help Californians make smart financial decisions.
• Innovation and policy: The department reviews new financial products and technologies, gives advice to the industry, and works to protect consumers while supporting new ideas.
Organization and leadership
• Jurisdiction: State of California
• Executive: KC Mohseni, Commissioner
• Headquarters: Sacramento, California
• Parent agency: California Business, Consumer Services and Housing Agency
• Origins: Formed through the consolidation of the Department of Financial Institutions, the Department of Corporations, and the Department of Business Oversight
The California Consumer Financial Protection Law (CCFPL)
The California Consumer Financial Protection Law (CCFPL) gives the CDFPI the power to protect consumers when they use nonbank financial services. Here are some of its main features:
• Broad scope: The CCFPL covers many nonbank financial products and services that were not regulated before. This lets the CDFPI supervise and regulate more companies and activities.
• Ban on unfair, deceptive, or abusive acts: The law allows the CDFPI to stop and correct practices that harm consumers.
• Examination and enforcement: The CCFPL lets the CDFPI review licensees and others, issue subpoenas, investigate, and take action such as fines, refunds, or suspending licenses.
• Consumer complaints and remedies: Consumers can file complaints with the CDFPI. The department can help resolve disputes and order refunds or other fixes if rules are broken.
• Rulemaking and guidance: The law lets the CDFPI create rules and give advice to help companies understand what they need to do to comply.
• Focus on innovation: The CCFPL works with the department’s innovation offices to oversee fintech companies and new business models, while still protecting consumers.
Where to get more information
• CDFPI’s official web• The CDFPI’s official website has resources for both consumers and businesses. You can find license lookups, complaint forms, enforcement actions, guides, and information about the Division of Consumer Financial Protection and the Office of Financial Technology Innovation. For text and rulemaking, consult the California statutes implementing the CCFPL and CDFPI’s published regulations and guidance.
How do I contact the California Department of Financial Protection and Innovation?
Here are ways to contact the California Department of Financial Protection and Innovation (DFPI) Consumer Services: Phone (Consumer Services): 1‑866‑ASK‑DFPI (1‑866‑275‑3374) toll free
- Email (Consumer Services/General inquiries): [email protected]
- Online complaint form / contact page: https://dfpi.ca.gov/ (click “File a Complaint” or “Contact”)
- Mail (general correspondence):
California Department of Financial Protection and Innovation
Consumer Services
2101 Arena Boulevard, Suite 200
Sacramento, CA 95834 - For licensing or other department divisions, visit the DFPI website to find specific office phone numbers and email addresses.
- TTY: If you need a TTY service, contact California Relay Service at 711 and ask to be connected to 1‑866‑275‑3374.
The California Department of Financial Protection and Innovation Responsibilities
- Consumer Protection: The DFPI safeguards consumers by ensuring financial service providers comply with state laws and regulations. This includes protecting consumers from unfair, deceptive, or abusive practices.
- Regulatory Oversight: The DFPI oversees various financial entities, including banks, credit unions, mortgage lenders, money transmitters, and other financial service providers. It ensures these entities operate safely and soundly.
- Licensing and Supervision: The DFPI is responsible for licensing various financial service providers and conducting regular examinations to ensure compliance with laws and regulations. It also takes enforcement actions against entities that violate consumer protection laws.
- Financial Education and Outreach: The department promotes financial literacy and provides resources to help consumers make informed financial decisions. It includes educational materials, workshops, and community outreach programs.
- Innovation and Fintech: The DFPI supports responsible innovation in the financial services sector. It works with fintech companies to foster innovation while ensuring new financial products and services comply with regulatory standards.
- Consumer Complaints: The DFPI provides a platform for consumers to file complaints against financial service providers. It investigates these complaints and works to resolve issues between consumers and financial institutions.
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Key Functions of the California Department of Financial Protection and Innovation
- Examinations and Audits: Regularly conducting examinations and audits of financial institutions to ensure compliance with state laws and regulations.
- Enforcement Actions: Taking legal actions against entities and individuals that violate financial laws or engage in unfair practices.
- Policy Development: Developing policies and regulations that promote a fair and transparent financial marketplace.
- Financial Regulation: Regulating a broad spectrum of financial activities, from traditional banking to emerging fintech innovations.
- Banks and Credit Unions: The DFPI supervises state-chartered banks and credit unions to ensure safety, soundness, and law compliance.
- Non-Bank Financial Services: This includes oversight of mortgage lenders, payday lenders, and other non-bank entities that provide financial services to consumers.
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California Department of Financial Protection and Innovation Address
The address for the California Department of Financial Protection & Innovation (DFPI) is:
California Department of Financial Protection and Innovation
2101 Arena Blvd
Sacramento, CA 95834
United States
For further assistance, visit their official website at dfpi.ca.gov or contact them at the main phone number listed on their website.
California Department of Financial Protection and Innovation License Search
To perform a license search with the California Department of Financial Protection & Innovation (DFPI), you can follow these steps:
- Visit the DFPI Website: Go to the official website of the California Department of Financial Protection and Innovation. The website URL is dfpi.ca.gov. (https://dfpi.ca.gov/)
- Navigate to License Search: On the DFPI homepage, look for a section or menu option related to license search or verification. This might be listed under sections like “Consumers,” “Licensees,” or “Resources.”
- Select the Appropriate License Type: The DFPI oversees various licenses, such as those for financial services, money transmitters, mortgage lenders, and more. Select the type of license you are interested in.
- Enter Search Criteria: To locate the specific license you are looking for, you will typically need to enter search criteria such as the business name, license number, or other relevant information.
- Review Search Results: The search will return results based on your provided criteria. You can review the details of the licenses, including the status, issuance date, and any disciplinary actions if applicable.
Here is a direct link to the DFPI’s license search page to make it easier: DFPI Licensee Search.
If you need further assistance, you can contact the DFPI directly using the contact information provided on their website.
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California Department of Financial Protection and Innovation, Silicon Valley Bank
Silicon Valley Bank (SVB) has been subject to regulatory oversight by the California Department of Financial Protection & Innovation (DFPI). As part of their responsibilities, the DFPI ensures financial institutions like SVB comply with state laws and regulations that protect consumers and maintain financial stability.
In March 2023, the DFPI announced that it had taken possession of Silicon Valley Bank due to inadequate liquidity and insolvency concerns. This move aimed to protect depositors and preserve the value of the bank’s assets. FDIC was appointed as the receiver to manage the bank’s affairs, including resolving its assets and liabilities.
For more information or updates regarding Silicon Valley Bank and DFPI’s involvement, you can visit the DFPI’s official website or contact them directly:
California Department of Financial Protection and Innovation
2101 Arena Blvd
Sacramento, CA 95834
United States
This action highlights the DFPI’s role in overseeing financial institutions and ensuring their soundness to protect consumers and the broader financial system.
California Department of Financial Protection and Innovation SVB
The California Department of Financial Protection and Innovation (DFPI) played a crucial role in the regulatory oversight of Silicon Valley Bank (SVB). In March 2023, the DFPI took significant action by taking possession of SVB due to concerns about the bank’s liquidity and solvency. This intervention was necessary to safeguard the interests of depositors and maintain financial stability.
Here are some key points regarding the DFPI’s involvement with SVB:
- Regulatory Oversight: The DFPI oversees financial institutions in California to ensure they operate within legal and regulatory foundations designed to protect consumers and maintain market
- SVB Intervention: On March 10, 2023, the DFPI announced it had taken possession of SVB. This decision was prompted by the bank’s inadequate liquidity and concerns over its ability to meet obligations.
- FDIC Receivership: Following the DFPI’s possession of SVB, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver. The FDIC’s role is to manage the bank’s assets and liabilities and ensure an orderly resolution.
- Consumer Protection: The DFPI’s actions underscore its commitment to protecting depositors and ensuring financial institutions adhere to sound banking practices.
For more detailed information and updates regarding Silicon Valley Bank and the DFPI’s actions, you can visit the DFPI’s official website:
California Department of Financial Protection and Innovation
2101 Arena Blvd
Sacramento, CA 95834
United States
This situation highlights the DFPI’s vital role in maintaining the integrity and stability of California’s financial system.
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Consumer Services of CDFPI
Here is a brief summary of what the California Department of Financial Protection and Innovation (DFPI) Consumer Services does and how you can contact them.
What DFPI Consumer Services Does?
- Accepts consumer complaints about financial products and services (loans, debt collection, banking, money transmitters, payment products, etc.).
- They provide information and resources to help consumers understand their rights and options.
- They investigate complaints and may take enforcement or referral actions when needed. They provide guidance on filing complaints, including required documentation and next steps.
Tips for filing a complaint
- Provide copies (not originals) of contracts, statements, correspondence, receipts, and any supporting documents.
- Include a clear timeline of events and the resolution you’re seeking.
- Keep a copy of everything you submit and note the date you sent it.
- If your issue involves a licensed business, include the business name, address, and phone number.
DFPI Careers
If you want a rewarding career that encourages innovation and professional growth, consider joining our team. CDFPI is hiring entry-level Financial Institutions Examiners (FIE) in Los Angeles, Sacramento, San Diego, and San Francisco. There are also jobs in accounting, information technology, legal, management, and administrative support. We offer competitive salaries and great benefits.
Apply now to help protect consumers and shape the future of financial services in California.
Conclusion
The California Department of Financial Protection and Innovation maintains a fair, transparent, and innovative financial marketplace. Through robust regulation, consumer education, and industry collaboration, the DFPI works tirelessly to protect consumers and promote a thriving financial ecosystem in California.
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