Former CFPB Director Chopra Will Be Charged with Protecting Borrowers and Consumers Amidst Growing Affordability Crisis

May 13, 2026 | SACRAMENTO, CA — Yesterday, Governor Newsom announced that he will appoint Rohit Chopra, former director of the Consumer Financial Protection Bureau (CFPB), to lead the new statewide Business and Consumer Services Agency, which will focus on protecting families and small businesses across California’s economy. The move comes as the Trump Administration has gutted the CFPB, the sole federal consumer financial law enforcement agency charged with protecting everyday families in the financial marketplace – and as record numbers of Californians fall behind on their student loans. The new agency will launch on July 1, 2026 and provide a much-needed response to the efforts by the Trump Administration to roll back consumer protections, including the millions of students and student loan borrowers who call California home.

In response, the Campaign for California Borrowers’ Rights issued the following statement: 

“We applaud Governor Newsom’s appointment of Rohit Chopra to lead a new state agency focused on consumer protections and business regulation. As CFPB director, Rohit fought tirelessly to protect students and borrowers from being cheated and preyed upon by big banks and student loan servicers looking to pad their pockets and profiteer off of the student loan debt crisis. Under the Trump Administration, the CFPB has been gutted and students and families with student loan debt have been left to fend for themselves. 

“As California remains in the midst of an affordability crisis and as nearly 4 million Californians are crushed by more than $171 billion in student loan debt, we welcome Chopra’s fearless leadership and resolve to stand up for working families, strengthen consumer protections, and help bring down costs for Californians.”

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About the Campaign for California Borrowers’ Rights

The Campaign for California Borrowers’ Rights is a diverse coalition of organizations representing students, workers, consumers, older people, communities of color, veterans, and millions of other Californians affected by the student debt crisis. The Campaign is led by NextGen California, Protect Borrowers, Student Debt Crisis Center, and Young Invincibles.

More information about the Campaign is available at https://www.californiaborrowers.org/.