Rohit Chopra

Rohit Chopra is an American consumer advocate serving as a commissioner of the Federal Trade Commission. He is closely associated with efforts to reform the system of Student loans in the United States. He was previously assistant director of the Consumer Financial Protection Bureau. He was appointed by the Secretary of the Treasury as agency's first Student Loan Ombudsman, established by the Dodd–Frank Wall Street Reform and Consumer Protection Act.[1] On October 19, 2017, the White House announced its intent to nominate Chopra to fill the open Democratic seat on the Federal Trade Commission.[2] On April 26, 2018, the United States Senate unanimously confirmed Chopra's nomination to serve as a Commissioner on the Federal Trade Commission.[3] On May 2, 2018, Chopra was sworn in as a commissioner.[4]

Rohit Chopra
Director of the Consumer Financial Protection Bureau
Nominee
Assuming office
TBD
PresidentJoe Biden
SucceedingKathy Kraninger
Commissioner of the Federal Trade Commission
Assumed office
May 2, 2018
PresidentDonald Trump
Joe Biden
Preceded byJoshua D. Wright
Personal details
Political partyDemocratic
EducationHarvard University (BA)
University of Pennsylvania (MBA)
Signature

On January 17, 2021, it was reported that President-elect Joe Biden plans to nominate Chopra to serve as director of the Consumer Financial Protection Bureau.[5][6]

Education

Chopra earned a Bachelor of Arts degree from Harvard University and an MBA from the Wharton School of the University of Pennsylvania. He was also the recipient of a Fulbright fellowship.

Career

Before entering government, he worked at McKinsey & Company, a global management consultancy firm.

After the 2008 financial crisis and the passage of the Dodd-Frank Act, Chopra worked on the implementation team to launch the Consumer Financial Protection Bureau. After the launch, Chopra served as the agency's "student loan pointman."[7]

Chopra is a vocal critic of the mounting levels of student loan debt in the United States.[8] In 2012, he released analysis revealing that outstanding student debt exceeded $1 trillion.[9] He co-authored a report with Holly Petraeus that uncovered a student loan overcharging scheme impacting members of the military.[10] During his tenure, the agency sued Corinthian Colleges[11] and ITT Educational Services,[12] both of which dissolved.

In 2017, Chopra released a report showing that over 1 million Americans defaulted on a student loan in 2016.[13][14]

On February 28, 2018, the Senate Commerce Committee reported Chopra's nomination to serve as a Commissioner on the Federal Trade Commission to the full U.S. Senate for its consideration.[15] On April 26, 2018, the full United States Senate unanimously confirmed Chopra's nomination. He took office on May 2, 2018.[4]

References
  1. "Rohit Chopra · Consumer Federation of America". Retrieved July 3, 2018.
  2. "President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts".
  3. "Senate Cloakroom on Twitter". Retrieved July 3, 2018.
  4. "FTC Fully Stocked As 3 More Commissioners Are Sworn In". Law360.com. Retrieved July 3, 2018.
  5. "Biden taps Warren ally Chopra to lead Consumer Bureau". POLITICO. Retrieved January 18, 2021.
  6. "Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency". Wall Street Journal. Retrieved January 20, 2021.
  7. Douglas-Gabriel, Danielle (June 17, 2015). "Consumer watchdog says goodbye to student loan pointman". The Washington Post.
  8. Andriotis, AnnaMaria; Zibel, Alan (December 4, 2014). "CFPB Official Speaks Loudly on Student Loans". Wall Street Journal.
  9. Mitchell, Josh; Jackson-Randall, Maya (March 22, 2012). "Student-Loan Debt Tops $1 Trillion". Wall Street Journal.
  10. https://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf
  11. "Special announcement for Corinthian students - Consumer Financial Protection Bureau". Retrieved July 3, 2018.
  12. "CFPB Sues For-Profit College Chain ITT For Predatory Lending - Consumer Financial Protection Bureau". Retrieved July 3, 2018.
  13. Mitchell, Josh (March 14, 2017). "Student-Loan Defaults Rose by 1.1 Million in 2016". Wall Street Journal.
  14. Berman, Jillian. "More than 1 million borrowers defaulted on their student loans last year". Retrieved July 3, 2018.
  15. "U.S. Senate Committee On Commerce, Science, & Transportation - Nominations". Retrieved July 3, 2018.
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