Play! Biden appoints Chopra as head of CFPB | Man’s pepper with trout

The Consumer Financial Protection Bureau (CFPB) will soon fall under the leadership of an aggressive consumer advocate. On January 18, President-elect Joe Biden announced that he would appoint current Federal Trade Commission (FTC) Commissioner Rohit Chopra to be the agency’s next director.

A CFPB veteran, Chopra holds a BA from Harvard and an MBA from Wharton. In 2011, Senator Elizabeth Warren, then a special advisor in the Obama administration, called on Chopra to become deputy director of CFPB, where he led the agency’s student loans program. In this role, he became known for his harsh style and frequent criticism of private student lenders.

As FTC commissioner since 2018, Chopra has supported more aggressive regulatory and enforcement efforts. Indeed, he openly acknowledged his efforts to encourage “vigorous agency enforcement” and to demand “aggressive remedies against corporate violators.”

Consumer advocates hailed Chopra’s appointment – “Financial predators, watch out,” Public Citizen said. “Rohit Chopra has proven to be a dedicated consumer champion and passionate advocate for Main Street Americans against corporate wrongdoing.”

“Commissioner Chopra has long fought for financial markets that are fair to consumers, including student loan borrowers,” said Ashley Harrington, director of federal advocacy and senior counsel for the Center for Responsible Lending. “We are encouraged that the CFPB will now return to its mission of protecting people’s finances, which has increased importance in this economic downturn, and which includes a strong and fair loan program. “

And, indeed, Chopra’s appointment sends a clear signal that the CFPB will soon take a more aggressive stance in its rule-making and enforcement efforts.

Alice P. Darby