CFPB, Federal Agencies, State Agencies, and Attorneys General
The Biden Transition has announced that President-elect Biden has nominated Rohit Chopra to serve as CFPB Director.
Mr. Chopra currently serves as an FTC Commissioner, having been appointed by President Trump in 2018 to fill one of the Democratic seats on the FTC.
The nomination of Mr. Chopra as Director will return him to the CFPB, where he served as an Assistant Director from the time the CFPB was stood up in 2010 until his departure in 2015. … Continue Reading
Numerous media sources have reported that Senate Minority Leader Chuck Schumer has recommended Rohit Chopra to fill the open Democratic seat on the FTC.
Mr. Chopra, who currently serves as a senior fellow at the Consumer Federation of America, formerly served as the CFPB’s Student Loan Ombudsman. After leaving the CFPB, he is reported to have served as a special adviser to former Education Secretary John B.… Continue Reading
Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Politico also reported that in his new position Mr. Chopra will look at how to judge the financial solvency of colleges, examine state level consumer protections for borrowers, seek ways to make data more publicly available, and work on improving loan protections for military members.… Continue Reading
Despite a reported endorsement from Senator Elizabeth Warren, it appears that, at least for now, Rohit Chopra, the CFPB’s former student loan ombudsman, will not be moving into the job of Superintendent of the New York Department of Financial Services.
According to Politico, Mr. Chopra has joined the Center for American Progress, where he will be a senior fellow focusing on issues facing young people and the economy.… Continue Reading
The Wall Street Journal and Politico have reported that Rohit Chopra, the CFPB’s student loan ombudsman, will be leaving the CFPB next week. According to the reports, Mr. Chopra did not indicate in his resignation letter to Treasury Secretary Jacob Lew what his next position would be.
Seth Frotman, the CFPB’s Deputy Assistant Director for the Office for Students, is expected to handle student loan work on an interim basis.… Continue Reading
In November 2013, the CFPB sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). In a letter dated February 3, 2014, Rohit Chopra, the CFPB’s Student Loan Ombudsman, presented the CFPB’s findings based on the responses it received to that information request. … Continue Reading
Private student loan lenders and servicers who met last week with CFPB Director Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller got the “memo” that the regulators think they should be doing more to expand refinancing opportunities for private student loan borrowers. The meeting was the subject of a blog post published by Rohit Chopra, the CFPB’s Student Loan Ombudsman. … Continue Reading
The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial aid disbursement accounts. Pursuant to the CARD Act, card issuers must submit their campus credit card agreements annually to the CFPB together with their related marketing agreements and certain information, including the amount of compensation they paid to schools. … Continue Reading
Earlier this week, Rohit Chopra, CFPB Assistant Director and Student Loan Ombudsman, spoke to the Federal Reserve Bank of St. Louis about student loan debt. As he has on other occasions, Mr. Chopra referred to $1.2 trillion in student loan debt without pointing out that over $1 trillion of that debt comes from federal student loans. … Continue Reading
