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|successor1 = [[Alvaro Bedoya]]
|successor1 = [[Alvaro Bedoya]]
|birth_date = {{birth date and age|1982|1|30}}
|birth_date = {{birth date and age|1982|1|30}}
|birth_place = [[Plainfield, New Jersey|Plainfield]], [[New Jersey]], U.S.
|birth_place = [[Plainfield, New Jersey]], U.S.
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|signature = Rohit Chopra signature.png
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'''Rohit Chopra''' (born January 30, 1982) is an American consumer advocate who is the third director of the [[Consumer Financial Protection Bureau]] and previous member of the [[Federal Trade Commission]] (FTC). Prior to this, Chopra served as assistant director of the [[Consumer Financial Protection Bureau]] (CFPB), a federal agency tasked with [[consumer protection]] in the financial sector. Chopra also served within the CFPB as the agency's first Student Loan Ombudsman, an office created by the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]].<ref>{{cite web|title=Rohit Chopra · Consumer Federation of America|url=https://consumerfed.org/expert/rohit-chopra/|access-date=July 3, 2018|archive-date=April 27, 2018|archive-url=https://web.archive.org/web/20180427044844/https://consumerfed.org/expert/rohit-chopra/|url-status=dead}}</ref>
'''Rohit Chopra''' (born January 30, 1982) is an American consumer advocate who is the third director of the [[Consumer Financial Protection Bureau]] (CFPB) and previous member of the [[Federal Trade Commission]] (FTC). Prior to this, Chopra served as assistant director of the CFPB and as the agency's first Student Loan Ombudsman, an office created by the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]].<ref>{{cite web|title=Rohit Chopra · Consumer Federation of America|url=https://consumerfed.org/expert/rohit-chopra/|access-date=July 3, 2018|archive-date=April 27, 2018|archive-url=https://web.archive.org/web/20180427044844/https://consumerfed.org/expert/rohit-chopra/|url-status=dead}}</ref>


In 2017, President [[Donald Trump]] nominated Chopra to fill the open Democratic seat on the [[Federal Trade Commission]] (FTC).<ref name=":0">{{cite web|url=https://trumpwhitehouse.archives.gov/presidential-actions/president-donald-j-trump-announces-intent-nominate-personnel-key-administration-posts-25/|via=[[NARA|National Archives]]|work=[[whitehouse.gov]]|title=President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts}}</ref> Chopra was unanimously confirmed by the [[United States Senate|U.S. Senate]],<ref name="twitter.com">{{cite web |url=https://twitter.com/SenateCloakroom/status/989618459444117505|title=Senate Cloakroom on Twitter|access-date=July 3, 2018}}</ref> and was sworn in on May 2, 2018.<ref name="law360">{{cite web|url=https://www.law360.com/publicpolicy/articles/1039802/ftc-fully-stocked-as-3-more-commissioners-are-sworn-in|title=FTC Fully Stocked As 3 More Commissioners Are Sworn In|publisher=Law360.com|access-date=July 3, 2018}}</ref> As a member of the FTC, Chopra supported agency efforts to scrutinize the practices of "[[Big Tech]]" companies such as [[Google]] and [[Facebook]].<ref name=":1">{{Cite web|last=Reardon|first=Marguerite|title=FTC Democrat says agency should get more aggressive with big tech|url=https://www.cnet.com/news/ftc-democrat-says-agency-should-get-more-aggressive-with-big-tech/|access-date=2021-09-10|website=CNET|language=en}}</ref>
In 2017, President [[Donald Trump]] nominated Chopra to fill the open Democratic seat on the [[Federal Trade Commission]] (FTC).<ref name=":0">{{cite web|url=https://trumpwhitehouse.archives.gov/presidential-actions/president-donald-j-trump-announces-intent-nominate-personnel-key-administration-posts-25/|via=[[NARA|National Archives]]|work=[[whitehouse.gov]]|title=President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts}}</ref> Chopra was unanimously confirmed by the [[United States Senate|U.S. Senate]],<ref name="twitter.com">{{cite web |url=https://twitter.com/SenateCloakroom/status/989618459444117505|title=Senate Cloakroom on Twitter|access-date=July 3, 2018}}</ref> and was sworn in on May 2, 2018.<ref name="law360">{{cite web|url=https://www.law360.com/publicpolicy/articles/1039802/ftc-fully-stocked-as-3-more-commissioners-are-sworn-in|title=FTC Fully Stocked As 3 More Commissioners Are Sworn In|publisher=Law360.com|access-date=July 3, 2018}}</ref> As a member of the FTC, Chopra supported agency efforts to scrutinize the practices of [[Big Tech]] companies such as [[Google]] and [[Facebook]].<ref name=":1">{{Cite web|last=Reardon|first=Marguerite|title=FTC Democrat says agency should get more aggressive with big tech|url=https://www.cnet.com/news/ftc-democrat-says-agency-should-get-more-aggressive-with-big-tech/|access-date=2021-09-10|website=CNET|language=en}}</ref>


Considered an ally of Senator [[Elizabeth Warren]],<ref>{{Cite news|last=Restuccia|first=Andrew Ackerman and Andrew|date=2021-01-18|title=Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/biden-expected-to-nominate-rohit-chopra-to-head-consumer-financial-protection-bureau-11610933184|access-date=2021-09-10|issn=0099-9660}}</ref> whom he previously served under at the CFPB, Chopra favors stronger oversight of banks and other financial institutions.<ref>{{Cite web|last=Lazarus|first=David|date=2021-05-21|title=Column: Biden, unlike Trump, thinks businesses shouldn't be free to abuse consumers|url=https://www.latimes.com/business/story/2021-05-21/column-rohit-chopra-cfpb|url-status=live|access-date=2021-09-10|website=Los Angeles Times|language=en-US}}</ref> In 2021, he was chosen by President [[Joe Biden]] to serve as [[Director of the Consumer Financial Protection Bureau]].<ref>{{Cite web|title=Biden taps Warren ally Chopra to lead Consumer Bureau|url=https://www.politico.com/news/2021/01/17/biden-rohit-chopra-consumer-bureau-460086|access-date=2021-01-18|website=POLITICO|date=January 17, 2021 |language=en}}</ref><ref name=":3">{{Cite news|title=Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency|url=https://www.wsj.com/articles/biden-expected-to-nominate-rohit-chopra-to-head-consumer-financial-protection-bureau-11610933184|access-date=2021-01-20|website=Wall Street Journal|date=January 18, 2021 |language=en |last1=Ackerman |first1=Andrew |last2=Restuccia |first2=Andrew }}</ref> Chopra is closely associated with efforts to reform the system of [[student loans in the United States]].<ref>{{Cite news|last=Lieber|first=Ron|date=2017-01-20|title=6 Tips for Avoiding the Worst Student Loan Repayment Traps|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/01/20/your-money/6-tips-for-avoiding-the-worst-student-loan-repayment-traps.html|access-date=2021-09-10|issn=0362-4331}}</ref><ref>{{Cite web|date=September 18, 2019|title=COMMENT OF FEDERAL TRADE COMMISSIONER ROHIT CHOPRA|url=https://www.ftc.gov/system/files/documents/public_statements/1544795/chopra_-_comment_submission_on_cfpb_proposed_debt_collection_rule_9-18-19.pdf|url-status=live|website=[[Federal Trade Commission]]}}</ref>
Considered an ally of Senator [[Elizabeth Warren]],<ref>{{Cite news|last=Restuccia|first=Andrew Ackerman and Andrew|date=2021-01-18|title=Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/biden-expected-to-nominate-rohit-chopra-to-head-consumer-financial-protection-bureau-11610933184|access-date=2021-09-10|issn=0099-9660}}</ref> under whom he served at the CFPB, Chopra favors stronger oversight of banks and other financial institutions.<ref>{{Cite web|last=Lazarus|first=David|date=2021-05-21|title=Column: Biden, unlike Trump, thinks businesses shouldn't be free to abuse consumers|url=https://www.latimes.com/business/story/2021-05-21/column-rohit-chopra-cfpb|access-date=2021-09-10|website=Los Angeles Times|language=en-US}}</ref> In 2021, he was chosen by President [[Joe Biden]] to serve as [[Director of the Consumer Financial Protection Bureau]].<ref>{{Cite web|title=Biden taps Warren ally Chopra to lead Consumer Bureau|url=https://www.politico.com/news/2021/01/17/biden-rohit-chopra-consumer-bureau-460086|access-date=2021-01-18|website=POLITICO|date=January 17, 2021 |language=en}}</ref><ref name=":3">{{Cite news|title=Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency|url=https://www.wsj.com/articles/biden-expected-to-nominate-rohit-chopra-to-head-consumer-financial-protection-bureau-11610933184|access-date=2021-01-20|website=Wall Street Journal|date=January 18, 2021 |language=en |last1=Ackerman |first1=Andrew |last2=Restuccia |first2=Andrew }}</ref> Chopra is closely associated with efforts to reform the system of [[student loans in the United States]].<ref>{{Cite news|last=Lieber|first=Ron|date=2017-01-20|title=6 Tips for Avoiding the Worst Student Loan Repayment Traps|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/01/20/your-money/6-tips-for-avoiding-the-worst-student-loan-repayment-traps.html|access-date=2021-09-10|issn=0362-4331}}</ref><ref>{{Cite web|date=September 18, 2019|title=COMMENT OF FEDERAL TRADE COMMISSIONER ROHIT CHOPRA|url=https://www.ftc.gov/system/files/documents/public_statements/1544795/chopra_-_comment_submission_on_cfpb_proposed_debt_collection_rule_9-18-19.pdf|website=[[Federal Trade Commission]]}}</ref>


== Education and early career ==
== Education and early career ==


Chopra was born January 30, 1982, to an [[Indian Americans|Indian-American]] family in [[Plainfield, New Jersey]].<ref name=":4">{{Cite web|title=S.Hrg. 115-761 — NOMINATIONS TO THE FEDERAL TRADE COMMISSION|url=https://www.congress.gov/event/115th-congress/senate-event/LC64861/text|access-date=2021-09-13|website=www.congress.gov}}</ref><ref>{{Cite news|title=Indian American Rohit Chopra nominated as head of Consumer Financial Protection Bureau|work=The Economic Times|url=https://economictimes.indiatimes.com/nri/migrate/indian-american-rohit-chopra-nominated-as-head-of-consumer-financial-protection-bureau/articleshow/80905400.cms|access-date=2021-09-10}}</ref> Chopra graduated from [[Harvard University]] in 2004, where he received his [[bachelor's degree]] (B.A.) and served as president of the student body. According to ''[[The Wall Street Journal]]'', Chopra was known by Harvard students for his "hard-charging style" with a "reputation for being a fierce advocate not afraid to clash with faculty interests".<ref name=":2">{{Cite news|last1=Andriotis|first1=AnnaMaria|last2=Zibel|first2=Alan|date=2014-12-04|title=CFPB Official Speaks Loudly on Student Loans|language=en-US|work=[[The Wall Street Journal]]|url=https://online.wsj.com/articles/cfpbs-ombudsman-speaks-loudly-on-student-loans-1417651649|access-date=2021-09-10|issn=0099-9660}}</ref>
Chopra was born January 30, 1982, to an [[Indian Americans|Indian-American]] family in [[Plainfield, New Jersey]].<ref name=":4">{{Cite web|title=S.Hrg. 115-761 — NOMINATIONS TO THE FEDERAL TRADE COMMISSION|url=https://www.congress.gov/event/115th-congress/senate-event/LC64861/text|access-date=2021-09-13|website=www.congress.gov}}</ref><ref>{{Cite news|title=Indian American Rohit Chopra nominated as head of Consumer Financial Protection Bureau|work=The Economic Times|url=https://economictimes.indiatimes.com/nri/migrate/indian-american-rohit-chopra-nominated-as-head-of-consumer-financial-protection-bureau/articleshow/80905400.cms|access-date=2021-09-10}}</ref> Chopra graduated from [[Harvard University]] in 2004, where he earned his [[Bachelor of Arts]] and served as president of the student body. According to ''[[The Wall Street Journal]]'', Chopra was known by Harvard students for his "hard-charging style" with a "reputation for being a fierce advocate not afraid to clash with faculty interests".<ref name=":2">{{Cite news|last1=Andriotis|first1=AnnaMaria|last2=Zibel|first2=Alan|date=2014-12-04|title=CFPB Official Speaks Loudly on Student Loans|language=en-US|work=[[The Wall Street Journal]]|url=https://online.wsj.com/articles/cfpbs-ombudsman-speaks-loudly-on-student-loans-1417651649|access-date=2021-09-10|issn=0099-9660}}</ref>


After graduating from Harvard, Chopra attended the [[Wharton School of the University of Pennsylvania]], where he received a [[Master of Business Administration]] (M.B.A.) degree in 2009.<ref name=":4" /> Chopra was a recipient of a [[Fulbright Program|Fulbright Fellowship]] to [[South Korea]].<ref name="democrats.senate.gov">{{Cite web|title=Schumer Recommends Consumer Advocate Rohit Chopra to the President to Serve as FTC Commissioner – Says Chopra is Eminently Qualified and has Been Putting Interests of Consumers First His Entire Career {{!}} Senate Democratic Leadership|url=https://www.democrats.senate.gov/newsroom/press-releases/schumer-recommends-consumer-advocate-rohit-chopra-to-the-president-to-serve-as-ftc-commissioner-says-chopra-is-eminently-qualified-and-has-been-putting-interests-of-consumers-first-his-entire-career|access-date=2021-09-10|website=www.democrats.senate.gov|date=May 9, 2017 |language=en}}</ref> Before entering government, he worked at [[McKinsey & Company]], a global management consultancy firm.<ref>{{Cite web|date=2018-04-30|title=Rohit Chopra|url=https://www.ftc.gov/about-ftc/biographies/rohit-chopra|access-date=2021-09-10|website=Federal Trade Commission|language=en}}</ref>
After graduating from Harvard, Chopra attended the [[Wharton School of the University of Pennsylvania]], where he received a [[Master of Business Administration]] in 2009.<ref name=":4" /> Chopra was a recipient of a [[Fulbright Program|Fulbright Fellowship]] to [[South Korea]].<ref name="democrats.senate.gov">{{Cite web|title=Schumer Recommends Consumer Advocate Rohit Chopra to the President to Serve as FTC Commissioner – Says Chopra is Eminently Qualified and has Been Putting Interests of Consumers First His Entire Career {{!}} Senate Democratic Leadership|url=https://www.democrats.senate.gov/newsroom/press-releases/schumer-recommends-consumer-advocate-rohit-chopra-to-the-president-to-serve-as-ftc-commissioner-says-chopra-is-eminently-qualified-and-has-been-putting-interests-of-consumers-first-his-entire-career|access-date=2021-09-10|website=www.democrats.senate.gov|date=May 9, 2017 |language=en}}</ref> Before entering government, he worked at [[McKinsey & Company]], a global management consultancy firm.<ref>{{Cite web|date=2018-04-30|title=Rohit Chopra|url=https://www.ftc.gov/about-ftc/biographies/rohit-chopra|access-date=2021-09-10|website=Federal Trade Commission|language=en}}</ref>


== Early government career ==
== Early government career ==
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In the aftermath of the [[Financial crisis of 2007–2008|2008 financial crisis]] and the passage of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] ("Dodd-Frank"), Chopra worked on the implementation team that resulted in the creation of the [[Consumer Financial Protection Bureau]] (CFPB). At the CFPB, Chopra served as the agency's Student Loan Ombudsman and as the agency's assistant director.<ref>{{Cite web|date=2021-01-18|title=President-elect Biden nominates Rohit Chopra to serve as CFPB Director|url=https://www.consumerfinancemonitor.com/2021/01/18/president-elect-biden-nominates-rohit-chopra-to-serve-as-cfpb-director/|access-date=2021-09-10|website=Consumer Finance Monitor|language=en-US}}</ref> During his tenure, the [[Consumer Financial Protection Bureau|agency]] sued for-profit colleges [[Corinthian Colleges]]<ref>{{cite web|title=Special announcement for Corinthian students - Consumer Financial Protection Bureau|date=February 3, 2015 |url=https://www.consumerfinance.gov/about-us/blog/special-announcement-for-corinthian-students/|access-date=July 3, 2018}}</ref> and [[ITT Technical Institute|ITT Educational Services]],<ref>{{cite web|title=CFPB Sues For-Profit College Chain ITT For Predatory Lending - Consumer Financial Protection Bureau|date=February 26, 2014 |url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/|access-date=July 3, 2018}}</ref> both of which dissolved.
In the aftermath of the [[Financial crisis of 2007–2008|2008 financial crisis]] and the passage of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] ("Dodd-Frank"), Chopra worked on the implementation team that resulted in the creation of the [[Consumer Financial Protection Bureau]] (CFPB). At the CFPB, Chopra served as the agency's Student Loan Ombudsman and as the agency's assistant director.<ref>{{Cite web|date=2021-01-18|title=President-elect Biden nominates Rohit Chopra to serve as CFPB Director|url=https://www.consumerfinancemonitor.com/2021/01/18/president-elect-biden-nominates-rohit-chopra-to-serve-as-cfpb-director/|access-date=2021-09-10|website=Consumer Finance Monitor|language=en-US}}</ref> During his tenure, the [[Consumer Financial Protection Bureau|agency]] sued for-profit colleges [[Corinthian Colleges]]<ref>{{cite web|title=Special announcement for Corinthian students - Consumer Financial Protection Bureau|date=February 3, 2015 |url=https://www.consumerfinance.gov/about-us/blog/special-announcement-for-corinthian-students/|access-date=July 3, 2018}}</ref> and [[ITT Technical Institute|ITT Educational Services]],<ref>{{cite web|title=CFPB Sues For-Profit College Chain ITT For Predatory Lending - Consumer Financial Protection Bureau|date=February 26, 2014 |url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/|access-date=July 3, 2018}}</ref> both of which dissolved.


Chopra is a vocal critic of the mounting levels of student loan debt in the United States.<ref>{{cite web|last1=Andriotis|first1=AnnaMaria|last2=Zibel|first2=Alan|date=December 4, 2014|title=CFPB Official Speaks Loudly on Student Loans|url=https://www.wsj.com/articles/cfpbs-ombudsman-speaks-loudly-on-student-loans-1417651649|access-date=|website=[[Wall Street Journal]]|via=}}</ref> In 2012, he released analysis revealing that outstanding student debt exceeded $1 trillion.<ref>{{cite web|last1=Mitchell|first1=Josh|last2=Jackson-Randall|first2=Maya|date=March 22, 2012|title=Student-Loan Debt Tops $1 Trillion|url=https://www.wsj.com/articles/SB10001424052702303812904577295930047604846|access-date=|website=[[Wall Street Journal]]|via=}}</ref> Chopra co-authored a report with [[Holly Petraeus]] that uncovered a student loan overcharging scheme impacting members of the military.<ref>https://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf {{Bare URL PDF|date=March 2022}}</ref> Chopra explained his focus on student loan policy to the ''Wall Street Journal'', stating:<blockquote>In my job, every day I get calls, emails, letters from people who are drowning in debt. I hear the panic in their voices as they worry about their financial future. They aren’t numbers on a spreadsheet. I want to help make things better for them.<ref name=":2" /></blockquote>
Chopra is a vocal critic of the mounting levels of student loan debt in the United States.<ref>{{cite web|last1=Andriotis|first1=AnnaMaria|last2=Zibel|first2=Alan|date=December 4, 2014|title=CFPB Official Speaks Loudly on Student Loans|url=https://www.wsj.com/articles/cfpbs-ombudsman-speaks-loudly-on-student-loans-1417651649|access-date=|website=[[Wall Street Journal]]|via=}}</ref> In 2012, he released analysis revealing that outstanding student debt exceeded $1 trillion.<ref>{{cite web|last1=Mitchell|first1=Josh|last2=Jackson-Randall|first2=Maya|date=March 22, 2012|title=Student-Loan Debt Tops $1 Trillion|url=https://www.wsj.com/articles/SB10001424052702303812904577295930047604846|access-date=|website=[[Wall Street Journal]]|via=}}</ref> Chopra co-authored a report with [[Holly Petraeus]] that uncovered a student loan overcharging scheme impacting members of the military.<ref>[https://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf Student loan servicing] consumerfinance.gov</ref> Chopra explained his focus on student loan policy to the ''Wall Street Journal'', stating:<blockquote>In my job, every day I get calls, emails, letters from people who are drowning in debt. I hear the panic in their voices as they worry about their financial future. They aren’t numbers on a spreadsheet. I want to help make things better for them.<ref name=":2" /></blockquote>


=== Post-CFPB career ===
=== Post-CFPB career ===
In 2016, Chopra joined the [[United States Department of Education|Department of Education]] as a senior advisor, where he worked under [[Under Secretary of Education]] Ted Mitchell.<ref>{{Cite web|last=Halperin|first=David|date=2016-01-13|title=Rohit Chopra Joins Department of Education|url=https://www.huffpost.com/entry/rohit-chopra-joins-depart_b_8970426|url-status=live|access-date=2021-09-10|website=[[HuffPost]]|language=en}}</ref> Later in 2016, Chopra was named by Democratic [[2016 United States presidential election|presidential]] nominee [[Hillary Clinton]] as a member of her prepared presidential transition team, though her candidacy was ultimately unsuccessful.<ref>{{Cite web|last1=Hefling|first1=Kimberly|last2=Stratford|first2=Michael|title=Clinton names Warren ally to transition team|url=https://www.politico.com/story/2016/08/clinton-transition-team-rohit-chopra-227550|access-date=2021-09-10|website=POLITICO|date=August 30, 2016 |language=en}}</ref>
In 2016, Chopra joined the [[United States Department of Education|Department of Education]] as a senior advisor, where he worked under [[Under Secretary of Education]] Ted Mitchell.<ref>{{Cite web|last=Halperin|first=David|date=2016-01-13|title=Rohit Chopra Joins Department of Education|url=https://www.huffpost.com/entry/rohit-chopra-joins-depart_b_8970426|access-date=2021-09-10|website=[[HuffPost]]|language=en}}</ref> Later in 2016, Chopra was named by Democratic [[2016 United States presidential election|presidential]] nominee [[Hillary Clinton]] as a member of her prepared presidential transition team, though her candidacy was ultimately unsuccessful.<ref>{{Cite web|last1=Hefling|first1=Kimberly|last2=Stratford|first2=Michael|title=Clinton names Warren ally to transition team|url=https://www.politico.com/story/2016/08/clinton-transition-team-rohit-chopra-227550|access-date=2021-09-10|website=POLITICO|date=August 30, 2016 |language=en}}</ref>


Chopra later became a Senior Fellow at the [[Consumer Federation of America]] (CFA), a consumer advocacy group.<ref name="democrats.senate.gov"/> In 2017, Chopra released a report showing that over 1 million Americans defaulted on a student loan in 2016.<ref>{{cite web|last=Mitchell|first=Josh|date=March 14, 2017|title=Student-Loan Defaults Rose by 1.1 Million in 2016|url=https://www.wsj.com/articles/student-loan-defaults-rose-by-1-1-million-in-2016-1489498222|access-date=|website=[[Wall Street Journal]]|via=}}</ref><ref>{{cite web|last=Berman|first=Jillian|title=More than 1 million borrowers defaulted on their student loans last year|url=https://www.marketwatch.com/story/more-than-1-million-student-loan-borrowers-were-in-default-last-year-2017-03-14|access-date=July 3, 2018}}</ref>
Chopra later became a Senior Fellow at the [[Consumer Federation of America]] (CFA), a consumer advocacy group.<ref name="democrats.senate.gov"/> In 2017, Chopra released a report showing that over 1 million Americans defaulted on a student loan in 2016.<ref>{{cite web|last=Mitchell|first=Josh|date=March 14, 2017|title=Student-Loan Defaults Rose by 1.1 Million in 2016|url=https://www.wsj.com/articles/student-loan-defaults-rose-by-1-1-million-in-2016-1489498222|access-date=|website=[[Wall Street Journal]]|via=}}</ref><ref>{{cite news|last=Berman|first=Jillian|title=More than 1 million borrowers defaulted on their student loans last year|newspaper=Marketwatch |url=https://www.marketwatch.com/story/more-than-1-million-student-loan-borrowers-were-in-default-last-year-2017-03-14|access-date=July 3, 2018}}</ref>


== Federal Trade Commission (FTC) ==
== Federal Trade Commission (FTC) ==
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During his time on the FTC, Chopra has supported efforts to scrutinize the business practices of "[[Big Tech]]" companies such as [[Google]] and [[Facebook]].<ref name=":1" /> In 2020, Chopra opposed the FTC's $170 million child privacy settlement with Google, arguing that the company was not sufficiently reprimanded for its actions. Chopra had previously opposed the agency's $5 billion settlement with Facebook following a probe of the company's data practices on similar grounds, believing it was an insufficient penalty.<ref>{{Cite web|last=Feiner|first=Jennifer Elias,Lauren|date=2019-09-04|title=YouTube will pay $170 million to settle claims it violated child privacy laws|url=https://www.cnbc.com/2019/09/04/youtube-to-pay-170-million-in-ftc-child-privacy-settlement.html|access-date=2021-09-10|website=CNBC|language=en}}</ref>
During his time on the FTC, Chopra has supported efforts to scrutinize the business practices of "[[Big Tech]]" companies such as [[Google]] and [[Facebook]].<ref name=":1" /> In 2020, Chopra opposed the FTC's $170 million child privacy settlement with Google, arguing that the company was not sufficiently reprimanded for its actions. Chopra had previously opposed the agency's $5 billion settlement with Facebook following a probe of the company's data practices on similar grounds, believing it was an insufficient penalty.<ref>{{Cite web|last=Feiner|first=Jennifer Elias,Lauren|date=2019-09-04|title=YouTube will pay $170 million to settle claims it violated child privacy laws|url=https://www.cnbc.com/2019/09/04/youtube-to-pay-170-million-in-ftc-child-privacy-settlement.html|access-date=2021-09-10|website=CNBC|language=en}}</ref>


Chopra has stated that the federal government should "investigate how technology platforms may be a threat to our civil rights and the goals of fairness we seek in our society."<ref>{{Cite web|last=Chopra|first=Rohit|date=February 10, 2019|title=Prepared Remarks of Federal Trade Commissioner Rohit Chopra - Silicon Flatirons Conference|url=https://www.ftc.gov/system/files/documents/public_statements/1453633/remarks_of_commissioner_chopra_at_silicon_flatirons.pdf|url-status=live|website=[[Federal Trade Commission]]}}</ref> In 2020, Chopra co-authored a paper with [[Lina Khan]], his former legal advisor,<ref>{{Cite web|date=2021-03-22|title=President Biden Announces his Intent to Nominate Lina Khan for Commissioner of the Federal Trade Commission|url=https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/22/president-biden-announces-his-intent-to-nominate-lina-khan-for-commissioner-of-the-federal-trade-commission/|access-date=2021-09-10|website=The White House|language=en-US}}</ref> in the ''[[University of Chicago Law Review]]'' titled "The Case for 'Unfair Methods of Competition' Rulemaking".<ref>{{Cite journal|last1=Chopra|first1=Rohit|last2=Khan|first2=Lina|date=2020|title=The Case for "Unfair Methods of Competition" Rulemaking|url=https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=6181&context=uclrev|journal=[[University of Chicago Law Review]]|volume=87}}</ref>
Chopra has stated that the federal government should "investigate how technology platforms may be a threat to our civil rights and the goals of fairness we seek in our society."<ref>{{Cite web|last=Chopra|first=Rohit|date=February 10, 2019|title=Prepared Remarks of Federal Trade Commissioner Rohit Chopra - Silicon Flatirons Conference|url=https://www.ftc.gov/system/files/documents/public_statements/1453633/remarks_of_commissioner_chopra_at_silicon_flatirons.pdf|website=[[Federal Trade Commission]]}}</ref> In 2020, Chopra co-authored a paper with [[Lina Khan]], his former legal advisor,<ref>{{Cite web|date=2021-03-22|title=President Biden Announces his Intent to Nominate Lina Khan for Commissioner of the Federal Trade Commission|url=https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/22/president-biden-announces-his-intent-to-nominate-lina-khan-for-commissioner-of-the-federal-trade-commission/|access-date=2021-09-10|website=The White House|language=en-US}}</ref> in the ''[[University of Chicago Law Review]]'' titled "The Case for 'Unfair Methods of Competition' Rulemaking".<ref>{{Cite journal|last1=Chopra|first1=Rohit|last2=Khan|first2=Lina|date=2020|title=The Case for "Unfair Methods of Competition" Rulemaking|url=https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=6181&context=uclrev|journal=[[University of Chicago Law Review]]|volume=87}}</ref>


== Director of the Consumer Financial Protection Bureau (CFPB) ==
== Director of the Consumer Financial Protection Bureau (CFPB) ==


=== Nomination ===
=== Nomination ===
During the [[2020 United States presidential election|2020 presidential election]], Chopra was mentioned as a possible candidate for a [[Cabinet of the United States|Cabinet]] position in a [[Presidency of Joe Biden|Biden administration]]. Chopra was mentioned as a contender for the position of [[United States Secretary of Commerce|Secretary of Commerce]] by ''[[Politico]]''<ref name="Meyer">{{Cite web|last=Meyer|first=Theodoric|title=How K Street sees a Biden presidency|url=https://politi.co/2FQDRTg|access-date=2021-09-10|website=POLITICO|date=September 18, 2020 |language=en}}</ref> and the [[The New York Times|''New York Times'']],<ref name="Meyer" /> but was ultimately chosen to serve as Director of the Consumer Financial Protection Bureau (CFPB).<ref name=":3" /> [[Alvaro Bedoya]], the Director of the [[Center on Privacy and Technology]], was successfully confirmed as Chopra's replacement.<ref>{{Cite web|title=Biden taps privacy advocate Alvaro Bedoya for FTC|url=https://www.politico.com/news/2021/09/13/biden-picks-privacy-advocate-for-ftc-511649|access-date=2021-09-13|website=POLITICO|date=September 13, 2021 |language=en}}</ref><ref>{{cite web |title=On the Nomination (Confirmation: Alvaro M. Bedoya, of Maryland, to be a Federal Trade Commissioner) |url=https://www.senate.gov/legislative/LIS/roll_call_votes/vote1172/vote_117_2_00169.htm |access-date=11 May 2022 |website=US Senate}}</ref>
During the [[2020 United States presidential election|2020 presidential election]], Chopra was mentioned as a possible candidate for a [[Cabinet of the United States|Cabinet]] position in a [[Presidency of Joe Biden|Biden administration]]. Chopra was mentioned as a contender for the position of [[United States Secretary of Commerce|Secretary of Commerce]] by ''[[Politico]]''<ref name="Meyer">{{Cite web|last=Meyer|first=Theodoric|title=How K Street sees a Biden presidency|url=https://politi.co/2FQDRTg|access-date=2021-09-10|website=POLITICO|date=September 18, 2020 |language=en}}</ref> and the [[The New York Times|''New York Times'']],<ref name="Meyer" /> but was ultimately nominated to serve as Director of the Consumer Financial Protection Bureau (CFPB).<ref name=":3" /> [[Alvaro Bedoya]], the Director of the [[Center on Privacy and Technology]], went onto be confirmed as Chopra's replacement at the FTC.<ref>{{Cite web|title=Biden taps privacy advocate Alvaro Bedoya for FTC|url=https://www.politico.com/news/2021/09/13/biden-picks-privacy-advocate-for-ftc-511649|access-date=2021-09-13|website=POLITICO|date=September 13, 2021 |language=en}}</ref><ref>{{cite web |title=On the Nomination (Confirmation: Alvaro M. Bedoya, of Maryland, to be a Federal Trade Commissioner) |url=https://www.senate.gov/legislative/LIS/roll_call_votes/vote1172/vote_117_2_00169.htm |access-date=11 May 2022 |website=US Senate}}</ref>


Chopra's nomination was praised by Senator [[Elizabeth Warren]], who stated through her [[Twitter]] account that "I worked closely with Rohit [Chopra] to set up the CFPB and fight for America's students. It’s terrific that President-elect Biden picked Rohit to run the [CFPB]."<ref>{{Cite tweet |number=1351168329071915008 |user=SenWarren |title=I worked closely with Rohit @ChopraFTC to set up the CFPB and fight for America's students. It’s terrific that President-elect Biden picked Rohit to run the @CFPB. He's been a fearless champion for consumers at the FTC and will be a fearless champion leading the consumer agency. |first=Elizabeth |last=Warren |author-link=Elizabeth Warren |date=January 18, 2021 |access-date=September 10, 2021 |language=en |archive-url=https://web.archive.org/web/20210910231425/https://twitter.com/senwarren/status/1351168329071915008 |archive-date=September 10, 2021 |url-status=live}}</ref> Chopra was confirmed 50–48 on September 30, 2021.<ref>{{Cite web|url=https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=117&session=1&vote=00399|title=On the Nomination (Confirmation: Rohit Chopra, of the District of Columbia, to be Director, Bureau of Consumer Financial Protection)|date=September 30, 2021|website=[[United States Senate]]|access-date=September 30, 2021}}</ref> Vice President [[Kamala Harris]] [[List of tie-breaking votes cast by the vice president of the United States|cast a tie-breaking vote]] on the Senate's motion to invoke [[Cloture#United States|cloture]] on Chopra's nomination.
Chopra's nomination was praised by Senator [[Elizabeth Warren]], who stated through her [[Twitter]] account that "I worked closely with Rohit [Chopra] to set up the CFPB and fight for America's students. It’s terrific that President-elect Biden picked Rohit to run the [CFPB]."<ref>{{Cite tweet |number=1351168329071915008 |user=SenWarren |title=I worked closely with Rohit @ChopraFTC to set up the CFPB and fight for America's students. It's terrific that President-elect Biden picked Rohit to run the @CFPB. He's been a fearless champion for consumers at the FTC and will be a fearless champion leading the consumer agency. |first=Elizabeth |last=Warren |author-link=Elizabeth Warren |date=January 18, 2021 |access-date=September 10, 2021 |language=en |archive-url=https://web.archive.org/web/20210910231425/https://twitter.com/senwarren/status/1351168329071915008 |archive-date=September 10, 2021 |url-status=live}}</ref> Chopra was confirmed 50–48 on September 30, 2021.<ref>{{Cite web|url=https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=117&session=1&vote=00399|title=On the Nomination (Confirmation: Rohit Chopra, of the District of Columbia, to be Director, Bureau of Consumer Financial Protection)|date=September 30, 2021|website=[[United States Senate]]|access-date=September 30, 2021}}</ref> Vice President [[Kamala Harris]] [[List of tie-breaking votes cast by the vice president of the United States|cast a tie-breaking vote]] on the Senate's motion to invoke [[Cloture#United States|cloture]] on Chopra's nomination.


=== Tenure ===
=== Tenure ===
As CFPB director, Chopra serves as an ''ex officio'' member of the [[Federal Deposit Insurance Corporation]] (FDIC).<ref>{{cite web |last=Reilly |first=Caitlin |date=December 19, 2022 |title=Senate confirms Gruenberg as FDIC chair, two others to join board |url=http://rollcall.com/2022/12/19/senate-confirms-gruenberg-as-fdic-chair-two-others-to-join-board/ |access-date=2022-12-20 |website=Roll Call}}</ref> Since taking office, Chopra has scrutinized Big Tech companies' expansion into the payments sector. In one of his first acts in the position, Chopra ordered a probe into [[Amazon (company)|Amazon]], [[Apple Inc.|Apple]], [[Facebook]], [[Google]], [[PayPal]] and [[Block, Inc.]]-developed platform [[Square (financial services)|Square]].<ref>{{Cite web |last=DeChiaro |first=Dean |date=2021-10-26 |title=Chopra brings Big Tech scrutiny to new consumer protection post |url=https://www.rollcall.com/2021/10/26/chopra-brings-big-tech-scrutiny-to-new-consumer-protection-post/ |access-date=2023-02-08 |website=Roll Call |language=en}}</ref>
As CFPB director, Chopra serves as an ''ex officio'' member of the [[Federal Deposit Insurance Corporation]] (FDIC).<ref>{{cite web |last=Reilly |first=Caitlin |date=December 19, 2022 |title=Senate confirms Gruenberg as FDIC chair, two others to join board |url=http://rollcall.com/2022/12/19/senate-confirms-gruenberg-as-fdic-chair-two-others-to-join-board/ |access-date=2022-12-20 |website=Roll Call}}</ref> Since taking office, Chopra has scrutinized Big Tech companies' expansion into the payments sector. In one of his first acts in the position, Chopra ordered a probe into [[Amazon (company)|Amazon]], [[Apple Inc.|Apple]], [[Facebook]], [[Google]], [[PayPal]] and [[Block, Inc.]]-developed platform [[Square (financial services)|Square]].<ref>{{Cite web |last=DeChiaro |first=Dean |date=2021-10-26 |title=Chopra brings Big Tech scrutiny to new consumer protection post |url=https://www.rollcall.com/2021/10/26/chopra-brings-big-tech-scrutiny-to-new-consumer-protection-post/ |access-date=2023-02-08 |website=Roll Call |language=en}}</ref> As CFPB director, Chopra has scrutinized bank [[Overdraft|overdraft fees]].<ref>{{Cite web |last=Iacurci |first=Greg |date=2021-12-01 |title=Financial watchdog cracks down on bank overdraft fees |url=https://www.cnbc.com/2021/12/01/financial-watchdog-cracks-down-on-bank-overdraft-fees.html |access-date=2023-12-24 |website=CNBC |language=en}}</ref>


In October 2022, Chopra announced that the agency would begin data-sharing rulemaking on Section 1033 of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]] in 2023.<ref>{{Cite web |last=O'Donnell |first=Katy |date=October 25, 2022 |title=POLITICO Pro: Chopra: CFPB to draft data-sharing rule in 2023 |url=https://subscriber.politicopro.com/article/2022/10/chopra-cfpb-to-draft-data-sharing-rule-by-early-2023-00063376 |access-date=February 8, 2023 |website=Politico |language=en}}</ref>
In October 2022, Chopra announced that the agency would begin data-sharing rulemaking on Section 1033 of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]], which pertains to [[open banking]].<ref>{{Cite web |last=O'Donnell |first=Katy |date=October 25, 2022 |title=POLITICO Pro: Chopra: CFPB to draft data-sharing rule in 2023 |url=https://subscriber.politicopro.com/article/2022/10/chopra-cfpb-to-draft-data-sharing-rule-by-early-2023-00063376 |access-date=February 8, 2023 |website=Politico |language=en}}</ref> In October 2023, the CFPB formally released its Section 1033 proposal, which if implemented would require banks to give consumers their financial data free of charge. The rule would forbid companies with access to users' personal financial information from collecting the data for [[targeted advertising]].<ref>{{Cite web |date=2023-10-19 |title=The power to walk away: CFPB moves to give consumers control over financial data |url=https://www.politico.com/news/2023/10/19/cfpb-issues-heavily-anticipated-proposal-restricting-data-sharing-00122443 |access-date=2023-12-24 |website=POLITICO |language=en}}</ref>

=== Controversies ===
Under Chopra's watch, the CFPB has been the subject of some controversies.

A lawsuit in 2022 by the [[American Bankers Association]] and six other trade groups claimed Chopra was acting in a matter exceeding the agency's legal authority<ref>{{cite web |title=ABA Sues CFPB for Abuse of Statutory Authority |url=https://www.aba.com/advocacy/policy-analysis/aba-sues-cfpb-for-abuse-of-statutory-authority |website=www.aba.com |access-date=1 March 2024 |language=en}}</ref> which a [[The Wall Street Journal|WSJ]] investigation suggested was a mechanism to increase clout at the FTC and FDIC for the purpose of amassing power over businesses, banks, and consumers.<ref>{{cite news |last1=Ackerman |first1=Ryan Tracy and Andrew |title=How a D.C. Bureaucrat Amassed Power Over Businesses, Banks and Consumers |url=https://www.wsj.com/articles/rohit-chopra-biden-regulation-cfpb-fdic-ftc-11654713281 |website=WSJ |access-date=1 March 2024}}</ref>

In 2023 the agency failed to protect consumer data resulting in a [[2023_Consumer_Financial_Protection_Bureau_data_breach|data breach]] wherein an employee transferred personal information for 256,000 consumers from forty-five financial institutions.<ref>{{cite web |last1=O'Donnell |first1=Katy |title=CFPB says employee breached data of 250,000 consumers in 'major incident' |url=https://www.politico.com/news/2023/04/19/cfpb-employee-consumer-data-breach-00092919 |website=Politico |access-date=1 March 2024}}</ref>

In January 2024, the agency settled a class action lawsuit brought by minority employees and women who alleged that they were discriminated against by the agency, which included being consistently paid less than their White male colleagues, being unfairly denied promotions, and facing retaliation for making discrimination complaints. As part of the settlement, the agency agreed to pay $6 million dollars towards a settlement fund. The agency did not admit wrongdoing as part of the settlement. <ref>{{cite web |last1=Johnson |first1=Elliot |title=CFPB Agrees to Pay $6M to Settle Discrimination Claims by Black and Hispanic Employees|url=https://www.consumerfinancemonitor.com/2024/01/25/cfpb-agrees-to-pay-6m-to-settle-discrimination-claims-by-black-and-hispanic-employees |website=Ballard Spahr LLP |date=January 25, 2024 |access-date=18 April 2024}}</ref>

Under Chopra's leadership, the agency for the first time in its history failed to reach an agreement with the National Treasury Employees Union (NTEU) Chapter 335, which has resulted in employees working without a contract since December 31, 2023.<ref> {{cite web |last1=Weinberger |first1=Evan |title=Pay Raise Fight at CFPB Boils Over Imperiling Wage Negotiations |url=https://news.bloomberglaw.com/banking-law/pay-raise-fight-at-cfpb-boils-over-imperiling-wage-negotiations |website=Bloomberg Law |access-date=18 April 2024}} </ref> Agency employees are now the only federal workers who haven't received a raise or local cost-of-living increase in 2024, after President Biden authorized an average 5.2% pay raise for federal employees, the largest since the Carter administration.<ref>{{cite web |last1=Wagner |first1=Erich |title=Biden signs order finalizing 5.2% pay raise for feds in 2024 |url=https://www.govexec.com/pay-benefits/2023/12/biden-signs-order-finalizing-52-pay-raise-feds-2024/392978/ |website=Government Executive |date=December 21, 2023 |access-date=18 April 2024}}</ref> The dispute centers on raising the salary ranges (pay bands) and the salary cap for workers, which the agency has thus far refused to do, despite agreeing in December 2022 to include pay bands and salary cap increases in this round of negotiations and Chopra raising the pay cap for agency executives in December 2023, some of whom are now paid as much as $269,000 a year.<ref>{{cite web |last1=Prescod |first1=Paul |title=Consumer Financial Protection Bureau Workers Want a Raise |url=https://wwww.jacobin.com/2024/04/consumer-financial-protection-bureau-workers-pay-nteu |website=Jacobin |access-date=18 April 2024}}</ref> By law, the Dodd-Frank Act provides that the agency has to maintain comparability as to compensation and benefits, not only with the [[Federal Reserve]], but with the [[Federal Deposit Insurance Corporation]] (FDIC), the [[Comptroller of the Currency]] (OCC), and the [[Securities and Exchange Commission]] (SEC), among others.<ref>{{cite web |last1= Legal Information Institute |first1= Cornell Law School |title=12 U.S.C. 1833b - Comparability in compensation schedules |url=https://www.law.cornell.edu/uscode/text/12/1833b |website=Cornell |access-date=18 April 2024}}</ref> The union maintains that raising pay bands and salary caps is essential for complying with the Act, since the Federal Reserve, OCC, and SEC raise these items annually and many already have substantially higher caps than the CFPB. On March 27, 2024, the National President of NTEU sent Chopra a letter, accusing him of avoiding all communication with union leadership, as negotiations drag on and remain stalled. <ref>{{cite web |last1=Weinberger |first1= Evan |title=Union slams CFPB Head for Unacceptable Lack of Communication |url=https://news.bloomberglaw.com/banking-law/union-slams-cfpb-head-for-unacceptable-lack-of-communication |website=Bloomberg Law |access-date=18 April 2024}} </ref>


== References ==
== References ==

Latest revision as of 15:34, 10 May 2024

Rohit Chopra
3rd Director of the Consumer Financial Protection Bureau
Assumed office
October 12, 2021
PresidentJoe Biden
Preceded byKathy Kraninger
Commissioner of the Federal Trade Commission
In office
May 2, 2018 – October 12, 2021
PresidentDonald Trump
Joe Biden
Preceded byJoshua D. Wright
Succeeded byAlvaro Bedoya
Personal details
Born (1982-01-30) January 30, 1982 (age 42)
Plainfield, New Jersey, U.S.
Political partyDemocratic
Education
Signature

Rohit Chopra (born January 30, 1982) is an American consumer advocate who is the third director of the Consumer Financial Protection Bureau (CFPB) and previous member of the Federal Trade Commission (FTC). Prior to this, Chopra served as assistant director of the CFPB and as the agency's first Student Loan Ombudsman, an office created by the Dodd–Frank Act.[1]

In 2017, President Donald Trump nominated Chopra to fill the open Democratic seat on the Federal Trade Commission (FTC).[2] Chopra was unanimously confirmed by the U.S. Senate,[3] and was sworn in on May 2, 2018.[4] As a member of the FTC, Chopra supported agency efforts to scrutinize the practices of Big Tech companies such as Google and Facebook.[5]

Considered an ally of Senator Elizabeth Warren,[6] under whom he served at the CFPB, Chopra favors stronger oversight of banks and other financial institutions.[7] In 2021, he was chosen by President Joe Biden to serve as Director of the Consumer Financial Protection Bureau.[8][9] Chopra is closely associated with efforts to reform the system of student loans in the United States.[10][11]

Education and early career[edit]

Chopra was born January 30, 1982, to an Indian-American family in Plainfield, New Jersey.[12][13] Chopra graduated from Harvard University in 2004, where he earned his Bachelor of Arts and served as president of the student body. According to The Wall Street Journal, Chopra was known by Harvard students for his "hard-charging style" with a "reputation for being a fierce advocate not afraid to clash with faculty interests".[14]

After graduating from Harvard, Chopra attended the Wharton School of the University of Pennsylvania, where he received a Master of Business Administration in 2009.[12] Chopra was a recipient of a Fulbright Fellowship to South Korea.[15] Before entering government, he worked at McKinsey & Company, a global management consultancy firm.[16]

Early government career[edit]

Consumer Financial Protection Bureau (CFPB)[edit]

In the aftermath of the 2008 financial crisis and the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), Chopra worked on the implementation team that resulted in the creation of the Consumer Financial Protection Bureau (CFPB). At the CFPB, Chopra served as the agency's Student Loan Ombudsman and as the agency's assistant director.[17] During his tenure, the agency sued for-profit colleges Corinthian Colleges[18] and ITT Educational Services,[19] both of which dissolved.

Chopra is a vocal critic of the mounting levels of student loan debt in the United States.[20] In 2012, he released analysis revealing that outstanding student debt exceeded $1 trillion.[21] Chopra co-authored a report with Holly Petraeus that uncovered a student loan overcharging scheme impacting members of the military.[22] Chopra explained his focus on student loan policy to the Wall Street Journal, stating:

In my job, every day I get calls, emails, letters from people who are drowning in debt. I hear the panic in their voices as they worry about their financial future. They aren’t numbers on a spreadsheet. I want to help make things better for them.[14]

Post-CFPB career[edit]

In 2016, Chopra joined the Department of Education as a senior advisor, where he worked under Under Secretary of Education Ted Mitchell.[23] Later in 2016, Chopra was named by Democratic presidential nominee Hillary Clinton as a member of her prepared presidential transition team, though her candidacy was ultimately unsuccessful.[24]

Chopra later became a Senior Fellow at the Consumer Federation of America (CFA), a consumer advocacy group.[15] In 2017, Chopra released a report showing that over 1 million Americans defaulted on a student loan in 2016.[25][26]

Federal Trade Commission (FTC)[edit]

Chopra discussing the impact of student debt at a field hearing in Miami, Florida, in 2013

In 2017, Chopra was recommended by Senate Minority Leader Chuck Schumer to fill the open Democratic seat on the Federal Trade Commission (FTC).[15] Chopra was formally nominated to the position by President Donald Trump,[2] and was unanimously confirmed by the Senate on April 26, 2018. Chopra officially took office on May 2, 2018.[4] Upon taking office, Chopra became the second Asian-American to serve on the FTC, after Dennis Yao, who served from 1991 to 1994.[27]

During his time on the FTC, Chopra has supported efforts to scrutinize the business practices of "Big Tech" companies such as Google and Facebook.[5] In 2020, Chopra opposed the FTC's $170 million child privacy settlement with Google, arguing that the company was not sufficiently reprimanded for its actions. Chopra had previously opposed the agency's $5 billion settlement with Facebook following a probe of the company's data practices on similar grounds, believing it was an insufficient penalty.[28]

Chopra has stated that the federal government should "investigate how technology platforms may be a threat to our civil rights and the goals of fairness we seek in our society."[29] In 2020, Chopra co-authored a paper with Lina Khan, his former legal advisor,[30] in the University of Chicago Law Review titled "The Case for 'Unfair Methods of Competition' Rulemaking".[31]

Director of the Consumer Financial Protection Bureau (CFPB)[edit]

Nomination[edit]

During the 2020 presidential election, Chopra was mentioned as a possible candidate for a Cabinet position in a Biden administration. Chopra was mentioned as a contender for the position of Secretary of Commerce by Politico[32] and the New York Times,[32] but was ultimately nominated to serve as Director of the Consumer Financial Protection Bureau (CFPB).[9] Alvaro Bedoya, the Director of the Center on Privacy and Technology, went onto be confirmed as Chopra's replacement at the FTC.[33][34]

Chopra's nomination was praised by Senator Elizabeth Warren, who stated through her Twitter account that "I worked closely with Rohit [Chopra] to set up the CFPB and fight for America's students. It’s terrific that President-elect Biden picked Rohit to run the [CFPB]."[35] Chopra was confirmed 50–48 on September 30, 2021.[36] Vice President Kamala Harris cast a tie-breaking vote on the Senate's motion to invoke cloture on Chopra's nomination.

Tenure[edit]

As CFPB director, Chopra serves as an ex officio member of the Federal Deposit Insurance Corporation (FDIC).[37] Since taking office, Chopra has scrutinized Big Tech companies' expansion into the payments sector. In one of his first acts in the position, Chopra ordered a probe into Amazon, Apple, Facebook, Google, PayPal and Block, Inc.-developed platform Square.[38] As CFPB director, Chopra has scrutinized bank overdraft fees.[39]

In October 2022, Chopra announced that the agency would begin data-sharing rulemaking on Section 1033 of the Dodd–Frank Act, which pertains to open banking.[40] In October 2023, the CFPB formally released its Section 1033 proposal, which if implemented would require banks to give consumers their financial data free of charge. The rule would forbid companies with access to users' personal financial information from collecting the data for targeted advertising.[41]

Controversies[edit]

Under Chopra's watch, the CFPB has been the subject of some controversies.

A lawsuit in 2022 by the American Bankers Association and six other trade groups claimed Chopra was acting in a matter exceeding the agency's legal authority[42] which a WSJ investigation suggested was a mechanism to increase clout at the FTC and FDIC for the purpose of amassing power over businesses, banks, and consumers.[43]

In 2023 the agency failed to protect consumer data resulting in a data breach wherein an employee transferred personal information for 256,000 consumers from forty-five financial institutions.[44]

In January 2024, the agency settled a class action lawsuit brought by minority employees and women who alleged that they were discriminated against by the agency, which included being consistently paid less than their White male colleagues, being unfairly denied promotions, and facing retaliation for making discrimination complaints. As part of the settlement, the agency agreed to pay $6 million dollars towards a settlement fund. The agency did not admit wrongdoing as part of the settlement. [45]

Under Chopra's leadership, the agency for the first time in its history failed to reach an agreement with the National Treasury Employees Union (NTEU) Chapter 335, which has resulted in employees working without a contract since December 31, 2023.[46] Agency employees are now the only federal workers who haven't received a raise or local cost-of-living increase in 2024, after President Biden authorized an average 5.2% pay raise for federal employees, the largest since the Carter administration.[47] The dispute centers on raising the salary ranges (pay bands) and the salary cap for workers, which the agency has thus far refused to do, despite agreeing in December 2022 to include pay bands and salary cap increases in this round of negotiations and Chopra raising the pay cap for agency executives in December 2023, some of whom are now paid as much as $269,000 a year.[48] By law, the Dodd-Frank Act provides that the agency has to maintain comparability as to compensation and benefits, not only with the Federal Reserve, but with the Federal Deposit Insurance Corporation (FDIC), the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC), among others.[49] The union maintains that raising pay bands and salary caps is essential for complying with the Act, since the Federal Reserve, OCC, and SEC raise these items annually and many already have substantially higher caps than the CFPB. On March 27, 2024, the National President of NTEU sent Chopra a letter, accusing him of avoiding all communication with union leadership, as negotiations drag on and remain stalled. [50]

References[edit]

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