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California’s Watchdog Takes Spotlight in Mortgage Scam Settlement

Jan. 18, 2022, 9:41 PM

California’s leadership of a multi-state mortgage origination investigation marks the arrival of the state’s new financial regulator as a national leader on consumer protection efforts.

The California Department of Financial Protection and Innovation led 41 other states in bringing a Tuesday action alleging that 400 mortgage loan originators got fake certifications for completing mandatory continuing education courses.

While the DFPI has been busy enforcing California’s consumer finance laws since its 2020 creation, it’s been quiet on a larger stage—until now

“California has always been thought of as a leader in consumer protection, but this would push California in the direction ...