Overview
- Governor Gavin Newsom appointed former CFPB director Rohit Chopra to serve as secretary of California’s new Business and Consumer Services Agency, a step the state framed as a response to weaker federal protections.
- The agency will launch July 1, 2026 and will unite the Department of Financial Protection and Innovation, the Department of Consumer Affairs, the Department of Real Estate, and other regulators under one cabinet leader.
- Chopra will set enforcement priorities across member departments while the DFPI keeps its independent authority, and the secretary role requires Senate confirmation with pay listed at $254,450.
- Based on his CFPB record, likely targets include junk fees, earned-wage-access advances, buy now pay later plans, digital payment apps, data brokers, and algorithms that drive lending decisions.
- Companies serving Californians, especially fintech, mortgage lenders, and real estate brokers, should expect tougher exams and more private lawsuits if the state follows Chopra’s 2025 blueprint that urged bans on abusive practices and stronger consumer legal rights.