Chopra sworn in as secretary of new California agency

Rohit Chopra has been sworn in as the secretary of the California Business and Consumer Services Agency. This move is significant for any business offering consumer financing because California is often the national leader in financial regulation. While Chopra is well-known for his tough stance as the Director of the CFPB, this new role gives him direct oversight over California's licensing and consumer protection agencies. For retailers and operators, this signals a likely increase in scrutiny for alternative financing products like Buy Now, Pay Later (BNPL) and lease-to-own agreements within California. State-level enforcement is expected to become more aggressive, focusing on transparency in lending terms and debt collection practices. If your business operates in California or serves California residents, you should expect tighter compliance requirements and potential changes to how you disclose financing fees to your customers. Ensuring your lending partners are fully compliant with California's evolving standards is now a top priority to avoid legal risks.

Source: American Banker — Top News

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