Rohit Chopra tapped to lead California consumer agency

"California Gov. Gavin Newsom appointed former CFPB Director Rohit Chopra as secretary of the state's new Business and Consumer Services Agency. The agency launches July 1 and will place DFPI and DRE under a consolidated enforcement and licensing structure."

"The BCSA was formed through a state government reorganization that was approved last year and will officially launch on July 1. The agency will consolidate dozens of boards, bureaus and departments that oversee licensing, enforcement and market conduct across several industries, including housing, real estate brokerage and mortgage lending."

"For housing professionals, the most direct impact will come through the placement of the Department of Real Estate (DRE) and the Department of Financial Protection and Innovation (DFPI) under the new umbrella, alongside other business- and consumer-facing regulators. DFPI already oversees state-licensed mortgage lenders, servicers, brokers and certain fintech firms, while DRE regulates real estate agents and brokerages."

"Chopra said the new agency is designed to coordinate enforcement and rulemaking across health care, technology, financial services and other sectors, with an eye toward affordability and fairness in the marketplace. While federal agencies are making life more expensive and enriching special interests, California will be firing on all cylinders to make sure markets aren't rigged against families and small businesses, Chopra said."

California Governor Gavin Newsom appointed Rohit Chopra as secretary of the newly created Business and Consumer Services Agency, which launches July 1. The agency consolidates dozens of boards, bureaus, and departments that oversee licensing, enforcement, and market conduct across industries including housing, real estate brokerage, and mortgage lending. The Department of Real Estate and the Department of Financial Protection and Innovation will be placed under the new umbrella, alongside other business- and consumer-facing regulators. DFPI oversees state-licensed mortgage lenders, servicers, brokers, and certain fintech firms, while DRE regulates real estate agents and brokerages. Chopra said the agency will coordinate enforcement and rulemaking across health care, technology, and financial services with goals of affordability and fairness.

Read at www.housingwire.com