President-elect Joe Biden has chosen Rohit Chopra to head up the Consumer Financial Protection Bureau (CFPB) and consumer advocacy groups are applauding the move.
Mike Litt, consumer campaign director at U.S. Public Interest Research Group (PIRG) said:
Rohit Chopra has the ideal background for hitting the ground running at the CFPB,” Litt said. “He helped build the CFPB from the start, served as its first student loan ombudsman and has most recently been a Federal Trade Commissioner. In his government service, he has used all policy levers available to protect consumers from corporate wrongdoers. We couldn’t be happier with his selection to restore the CFPB after three years of disastrous leadership.
Likewise, Jesse Van Tol, CEO of the National Community Reinvestment Coalition, offered these positive remarks:
Rohit Chopra will be a champion for fair lending and a renewed commitment to ending abusive practices in the financial market. American families and small businesses are facing unprecedented hardship from the ongoing economic crisis. The CFPB needs a leader who can face these challenges head–on, and Rohit Chopra is that leader.
Under his leadership, the CFPB can get back to work, strengthening the oversight of financial institutions across the country and putting consumer interests first when enforcing our nation’s consumer protection and fair lending laws. He has the experience, vision and proven ability to fulfill the bureau’s mission to increase transparency in the small business and mortgage market and restore much-needed protections that were zeroed out or ignored by Trump appointees.
I’m confident that under Rohit Chopra, the CFPB will play a critical role in a just recovery.
Chopra faces a Senate confirmation that will occur after Biden’s inauguration.
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