Even as exposure to floods, fire, and extreme heat increase in the face of climate change, a popular tool for evaluating risk has disappeared from the nationβs leading real estate website.
Zillow removed the feature displaying climate risk data to home buyers in November after the California Regional Multiple Listing Service, which provides a database of real estate listings to real estate agents and brokers in the state, questioned the accuracy of the flood risk models on the site.
Now, a climate policy expert in California is working to put data back in buyersβ hands.
Nexo, a crypto lending platform, agreed to pay a $500,000 penalty after California regulators said it made thousands of loans without the proper state license.
According to the California Department of Financial Protection and Innovation, the actions involved loans backed by crypto assets and raised concerns about how the company evaluated borrowers.
California Action On Unlicensed Loans
The DFPI found that Nexo issued at least 5,456 consumer and commercial loans from July 2018 through November 2022 to residents in California.
Reports have disclosed that the company did not adequately check whether borrowers could repay the loans, leaving consumers exposed to risky lending. The agency called those practices unlawful under state consumer finance rules.
Nexo Must Move California Funds To Licensed Affiliate
As part of the remedy, Nexo will be required to transfer funds held for Californians to its US-based affiliate that holds a valid license, Nexo Financial LLC, within 150 days.
The move is meant to ensure customersβ money is under a properly regulated entity. The DFPI also required other compliance steps to prevent similar problems in the future.
A Pattern Of Regulatory Scrutiny
This is not the first time Nexo has faced enforcement. Based on reports, the firm previously reached settlements that included roughly $45 million in penalties during actions taken in 2023.
Regulators around the country have been paying closer attention to crypto lending, and this decision signals they expect the same consumer protections that apply to traditional lenders to apply to platforms using digital assets.
Consumers who took loans secured with crypto may now see their accounts handled differently while the transfer takes place. Some borrowers might face changes in terms or servicing.
Industry observers say this kind of oversight can push companies to tighten underwriting and documentation. At the same time, some users worry that more rules could limit their access to certain crypto services.
Regulators Emphasize Borrower Protections
According to the DFPI, California law requires lenders to assess a borrowerβs capacity to repay loans and to hold the right licenses before they are allowed to do business with state residents.
By labeling the conduct unlawful, the agency signaled that loan decisions driven primarily by crypto collateral do not exempt a lender from basic checks on repayment capacity. The penalty and the corrective measures aim to close gaps that might have allowed risky loans to go through.
A Cautious Road Ahead
The $500,000 fine is modest compared with the scale of the broader crypto market, yet regulators say penalties are only one tool. They added that transfers to licensed entities and stronger internal controls are key to protecting consumers.
Featured image from unsplash, chart from TradingView
Verizon has received all approvals it needs for a $9.6 billion acquisition of Frontier Communications, an Internet service provider with about 3.3 million broadband customers in 25 states. Verizon said it expects to complete the merger on January 20.
The last approval came from the California Public Utilities Commission (CPUC), which allowed the deal in a 5β0 vote yesterday. There were months of negotiations that resulted in requirements to deploy more fiber and wireless infrastructure, offer $20-per-month Internet service to people with low incomes for the next decade, and other commitments, including some designed to replace the DEI (diversity, equity, and inclusion) policies that Verizon had to end because of demands by the Trump administration.
"The approval follows extensive public participation, testimony from multiple parties, and negotiated settlement agreements with consumer advocates and labor organizations," the CPUC said yesterday.
A flurry of cannabis business transactions came on the heels of President Donald Trump's Dec. 18 executive order - with many more to come once marijuana rescheduling is finalized.
A third person has died in a rash of poisonings from wild, foraged mushrooms in California, health officials report.
Since November, a total of 35 people across the state have been poisoned by mushrooms, leading to three people receiving liver transplants in addition to the three deaths. Health officials in Sonoma County reported the latest death last week.
Michael Stacey, Sonoma's interim health officer, attributed the cases and deaths to an extraordinary boom in the prevalence of death cap mushrooms (Amanita phalloides), noting that in an average year, the state sees fewer than five mushroom poisoning cases.
Californiaβs proposed Billionaire Tax Act would levy a one-time 5% tax on net worth above $1 billion, fueling backlash, fairness debates, and exit threats.
Californiaβs proposed Billionaire Tax Act would levy a one-time 5% tax on net worth above $1 billion, fueling backlash, fairness debates, and exit threats.
Californians are getting a new, supercharged way to stop data brokers from hoarding and selling their personal information, as a recently enacted law thatβs among the strictest in the nation took effect at the beginning of the year.
According to the California Privacy Protection Agency, more than 500 companies actively scour all sorts of sources for scraps of information about individuals, then package and store it to sell to marketers, private investigators, and others.
The nonprofit Consumer Watchdog said in 2024 that brokers trawl automakers, tech companies, junk-food restaurants, device makers, and others for financial info, purchases, family situations, eating, exercising, travel, entertainment habits, and just about any other imaginable information belonging to millions of people.
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