Key Enforcement Actions – September 2026
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California Department of Business OversightDuring September, the DFPI issued enforcement actions against seven companies, ordering consumer refunds, revoking licenses, pursuing penalties, and shutting down illegal financial operations to protect Californians.
A full list can be found on the actions & orders page.
Significant Actions
Final Escrow Inc.
Placed into a conservatorship to secure trust funds and protect consumers after operating without a surety bond, failing to submit required annual audits, failing to maintain the minimum financial net worth requirements, handling escrow funds from an unlicensed location, and failing to escheat old checks.
Waterstone Mortgage Corporation
Investigated for overcharging borrowers per diem interest. The company agreed to stop the overcharges, paying $79,200.00 in penalties, $6,000.00 in costs, and $5,704.00 in refunds to consumers.
Wallick and Volk, Inc.
The DFPI moved to suspend its lender and servicer licenses for commingling client funds and failing to maintain proper books, seeking $200,000.00 in penalties.
Luminary Escrow, Inc.
License revoked for failing to submit required records and audit reports, abandoning its licensed business location without notifying the DFPI, and allowing its surety bond to lapse without obtaining a replacement.
EIF Business School & ICHCOIN Tech Corp
Ordered to stop a cryptocurrency scam that lured Californians by falsely offering financial services like holding deposits, transferring money, or managing accounts, and then blocked all withdrawals.
Frontier Legal Group
Ordered to cease illegal debt collection. The unlicensed group used fake lawsuits, fraud accusations, and wage garnishment threats to extort consumers.
E-Capital Inc.
Ordered to stop charging upfront fees for deceptive debt-relief services. The company promised to negotiate lower bill payments but failed to perform any services.
About DFPI
DFPI protects consumers, regulates financial services, and fosters responsible innovation. Consumer protection is made possible through establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and by helping to prevent potential risks, fraud, and abuse.
All enforcement actions can be found on the actions & orders webpage, which is updated regularly with current orders, accusations, and settlement agreements. If you believe a financial institution or service provider has violated the law, acted improperly, or is offering financial services without the required license or registration, please submit a complaint or call 1-866-275-2677.
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