On May 29, the DFPI released its 2024 Annual Report of Activity under the California Consumer Financial Protection Law (CCFPL), highlighting regulatory activity, investigations, and public actions taken under the CCFPL. According to the report, the DFPI began implementing registration requirements covering four previously unregistered industries: income-based advances, also known as “earned wage access” products; private education financing; debt settlement services; and student debt relief services. The DFPI also reported that it opened 699 CCFPL-related investigations and issued 202 public CCFPL actions — marking a 12 percent increase from the previous year. Additionally, the DFPI reported receiving 2,388 consumer complaints related to the CCFPL, a 6 percent increase from 2023.
[View source.]
