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.<\/p>\n
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.<\/p>\n
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. Photographer: Andrew Harrer\/Bloomberg via <\/span><\/p>\n Democrats have wanted a muscular CFPB to take on what they saw as financial-industry excesses. Republicans and Wall Street have criticized the bureau as an instrument of runaway government regulation, with too much power over a significant slice of the economy.<\/p>\n Progressive groups and consumer advocates have also called on the CFPB to revisit rules softened by the Trump administration, such as a crackdown on payday lenders—who charge high rates of interest on short-term loans—and to revive work on a rule to rein in overdraft fees on checking accounts that was set aside during the Trump administration.<\/p>\n![](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/01\/931\/523\/chopra-cropped-931p.jpg?ve=1&tl=1\")
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