California’s New Business and Consumer Services Agency: Implications for Financial Services and Fintech

MoFo Financial Services and Fintech partner Avy Mallik recently presented to the fintech trade associations Financial Technology Association (FTA) and the Coalition for Home Equity Partnership (CHEP) regarding California’s newly created Business and Consumer Services Agency led by former CFPB Director Rohit Chopra and its potential implications for financial services, fintech, and consumer protection regulation in the state.

Drawing on his experience as former General Counsel of the California Department of Financial Protection and Innovation (DFPI), Avy discussed the anticipated role of the new agency, its relationship with DFPI and other California departments, and how the evolving structure may shape state supervisory, enforcement, and policy priorities across areas including payments, lending, digital assets, and emerging financial technologies.