On February 7, California Governor Gavin Newsom announced the appointment of Khalil "KC" Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as the Chief Deputy Director of the DFPI since 2023 and has previously held positions such as Chief Operations Officer at the State Controller's Office and Deputy Director of Administration at the California Department of Housing and Community Development. His appointment is subject to Senate confirmation.
Putting It Into Practice: Mohseni's experience in state financial operations and regulatory oversight suggests a continued emphasis on consumer protection for the DFPI. Given the uncertain future of the CFPB under the Trump administration, state regulators like the DFPI are expected to take a more active role in consumer financial oversight (previously discussed here). Financial institutions should monitor state-level regulatory developments and prepare for a potential uptick in state-level enforcement actions and rulemaking.
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