Home » Politics » Biden expected to nominate Rohit Chopra as Consumer Financial Protection Bureau: WSJ
Biden expected to nominate Rohit Chopra as Consumer Financial Protection Bureau: WSJ
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WASHINGTON—President-elect Joe Biden is expected to nominate Rohit Chopra, the former student-loan watchdog at the Consumer Financial Protection Bureau, to lead the agency, according to people familiar with the matter.
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If confirmed, Mr. Chopra would replace Kathy Kraninger, a Trump-appointed official who has run the bureau since 2018. The decision to tap Mr. Chopra, a Democrat currently serving as a member of the Federal Trade Commission, was expected to be announced along with that of Gary Gensler, Mr. Biden’s expected choice to lead the Securities and Exchange Commission, the people said.
A spokesman for Mr. Biden’s transition team declined to comment.
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Mr. Chopra previously served as the bureau’s student-loan ombudsman during the Obama administration, where he used his public stage to push student-loan companies to improve their treatment of borrowers. His tactic of applying pressure through public means was a big departure from the more measured style of other financial regulators.
The CFPB has been politically polarizing since its creation in the wake of the 2008 financial crisis, when President Obama tapped Elizabeth Warren, then a Harvard law professor, to set it up. Mr. Chopra, 38 years old, was an early hire of Ms. Warren, who is now a Democratic senator from Massachusetts.