Biden nominates Rohit Chopra to head the CFPB
President-elect Joe Biden announced several dates Monday, inclusive FTC Commissioner Rohit Chopra heads the Consumer Protection Office.
Chopra is a CFPB veteran, having previously served as assistant director where he was the office’s top student loan watchdog. In 2011 the secretary of the Treasury appointed him the CFPB Student Loans Ombudsman, a new position set out in the Financial Reform Act. One of Sen. Elizabeth Warren, D-Mass., Who was first employed in the construction of the CFPB, Chopra was on the first floor when the office was built. He was also a special advisor to the US Department of Education.
Chopra was unanimously approved by the Senate in 2018 for his current position at the FTC, where he pushed for aggressive legal remedies against illegal corporations.
“Our government will go into action immediately to provide immediate, urgent aid to the Americans; Address the overlapping crises of COVID-19, the historic economic downturn, systemic racism and inequality, and the climate crisis; and get this government to work for the people it serves, “Biden said of Monday’s nominees. “These tireless officials will be an important part of our agenda for better reconstruction – and I am confident that they will help make meaningful change and move our country forward.”
While there was talked about that Republicans could challenge Biden’s right to fire CFPB director Kathy Kraninger and also appoint a new director to the role, with Democrats being one narrow majority the nomination should be confirmed in the Senate.
Chopra’s appointment signals that the Biden government may prepare for a return to a more aggressive regulatory regime. In his previous roles, he worked with government and international law enforcement partners to “strengthen control over dominant technology companies that pose risks to privacy, national security and fair competition.”
“Commissioner Chopra has long fought for financial markets that are fair to consumers, including student loan borrowers,” said Ashley Harrington, director and senior council of the federal agency’s Center for Responsible Lending.
“We are encouraged that the CFPB is now returning to its mission of protecting people’s finances, which has grown in importance in this economic downturn, and which includes a strong fair lending program. Chopra is the latest in a series of impressive federal agency and departmental nominations, including former Federal Reserve chair [Janet] Yellen, Congressman [Marcia] Fudge, and Connecticut Education Commissioner Cardona. We look forward to working with all of you, ”said Harrington.