Rohit Chopra Confirmed as Director of CFPB

The Senate confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau in a 50-48 party line vote last Thursday. Chopra, who has been serving at the Federal Trade Commission for the past three years, assisted Sen. Elizabeth Warren (D-Mass.) in setting up the CFPB after it was enacted as part of the 2010 Dodd-Frank law and served as a member of former director Richard Cordray’s original executive staff.

Chopra indicated that his initial focus as director would be the financial impacts of the coronavirus pandemic on consumers. He is also expected to quickly direct attention towards credit reporting companies, small-dollar and payday lending, debt collection and fintech startups as well as the student loan and mortgage servicing industries.