President-elect Biden nominated Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB), signaling an immediate course correction at the watchdog to protect consumers from abusive practices. Chopra, currently a member of the Federal Trade Commission, previously served as CFPB assistant director and the agency’s first Student Loan Ombudsman.
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement:
“Rohit Chopra will be a champion for fair lending and a renewed commitment to ending abusive practices in the financial market. American families and small businesses are facing unprecedented hardship from the ongoing economic crisis. The CFPB needs a leader who can face these challenges head–on, and Rohit Chopra is that leader.
“Under his leadership, the CFPB can get back to work, strengthening the oversight of financial institutions across the country and putting consumer interests first when enforcing our nation’s consumer protection and fair lending laws. He has the experience, vision and proven ability to fulfill the bureau’s mission to increase transparency in the small business and mortgage market and restore much-needed protections that were zeroed out or ignored by Trump appointees.
“I’m confident that under Rohit Chopra, the CFPB will play a critical role in a just recovery.”