California Governor Gavin Newsom has appointed former Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to serve as Secretary of California’s newly created Business and Consumer Services Agency (BCSA), which is scheduled to launch July 1, 2026.
The new agency will consolidate oversight of a broad range of California licensing, regulatory, and enforcement entities, including the Department of Financial Protection and Innovation (DFPI), Department of Consumer Affairs (DCA), Department of Real Estate (DRE), Department of Cannabis Control (DCC), Department of Alcoholic Beverage Control (ABC), California Horse Racing Board (CHRB), and related appeals bodies.
At this stage, it is not yet clear what Chopra’s specific priorities or policy agenda will be in California, including whether financial services and financial institutions will become a primary focus of the new agency. California’s Credit Unions will continue monitoring developments closely and keep members informed as additional details emerge regarding the agency’s direction, structure, and potential regulatory initiatives.
California and Nevada’s Credit Unions have maintained a longstanding professional relationship with Chopra dating back to his time at the CFPB. In fact, the leagues were one of the first state trade associations to hold a one-on-one meeting with him following his appointment as CFPB director, and throughout his tenure he demonstrated a willingness to engage with the leagues on issues impacting credit unions.
While the full implications of this appointment remain uncertain, the leagues will remain actively engaged and continue advocating on behalf of credit unions as California’s regulatory landscape evolves.
In the meantime, the California league encourages credit unions to continue sharing their member impact stories and demonstrating the value credit unions provide to consumers and communities throughout California. Those real-world examples remain one of the most effective tools in shaping regulatory understanding and policy discussions. The league will provide additional updates as more information becomes available.
Questions regarding this update may be directed to California’s Credit Unions President and CEO Jeremy Empol, Senior Vice President of State Advocacy Robert Wilson, or Vice President of Regulatory Advocacy Lisa Quaranta.
