Biden makes his choice for CFPB director

Chopra was instrumental in setting up the bureau following the passage of the Dodd Frank Act authorizing its creation. He served as the CFPB’s first student loan ombudsman. He is a close political ally of Sen. Elizabeth Warren (D-Mass.).

“We applaud the nomination of Rohit Chopra to lead the CFPB,” Americans for Financial Reform Executive Director Lisa Donner said. “His commitment to consumer protection, his effectiveness at using the tools of government to serve the public interest, and his willingness to challenge powerful corporate interests when necessary are exactly what the bureau needs to fulfill its crucial consumer protection mission.

“The CFPB has an incredibly important job to do, including stopping financial rip-offs, fighting discrimination, ending predatory lending, halting debt collection abuses, insisting on corporate accountability and much more,” Donner said. “Right now, it also has an urgent role to play in helping families survive and recover from the pandemic-induced economic crisis, especially in Black and Latinx [communities] where people have been hardest hit, in concert with the incoming administration’s broad rebuilding agenda.”

Chopra is best known for his efforts to reform the student loan system. In 2018, the U.S. Senate confirmed Chopra as a commissioner on the FTC.

The Progressive Change Campaign Committee (PCCC) called Chopra’s nomination a victory for consumers.

“If Biden selects someone of Rohit Chopra’s gravitas to lead the CFPB, that would be a big win for consumers and a sign that executive power will be used to get tangible results for the American people,” the PCCC tweeted. “Rohit has a proven record of challenging corporate abuse on behalf of everyday families who don't want to be cheated.”