California Governor Newsom Taps Rohit Chopra to Lead New Financial Oversight Agency

As federal consumer protections recede, California split up its former Business, Consumer Services and Housing Agency and created the Business and Consumer Services Agency, or BCSA, to oversee financial, real estate and consumer regulation. Chopra led the U.S. Consumer Financial Protection Bureau from 2021 to 2025, recovering nearly $10 billion in refunds and penalties during his tenure. The appointment has also been interpreted as part of Gavin Newsom’s preparations for a potential 2028 presidential bid.

Newsom announced Chopra’s nomination on May 12, 2026, for a post paying $254,450 a year and requiring confirmation by the California Senate. The BCSA was formally established on July 1, when Chopra was sworn in as its inaugural secretary. The new agency comprises eight departments and boards, including the Department of Financial Protection and Innovation, and oversees areas including banking, digital payments, alcoholic beverages and cannabis.