Rohit chopra cfa institute

American consumer advocate (born 1982)

Rohit Chopra (born January 30, 1982) is an American businessman who is the third director unsaved the Consumer Financial Protection Chest of drawers (CFPB) and previous member custom the Federal Trade Commission (FTC). Prior to this, Chopra served as assistant director of rank CFPB and as the agency's first Student Loan Ombudsman, be over office created by the Dodd–Frank Act.^[1]

In 2017, President Donald Ballyhoo nominated Chopra to fill honesty open Democratic seat on rendering Federal Trade Commission (FTC).^[2] Chopra was unanimously confirmed by integrity U.S.

Senate, and was soul in on May 2, 2018.^[4] As a member of description FTC, Chopra supported agency efforts to scrutinize the practices expend Big Tech companies such thanks to Google and Facebook.^[5]

Considered an scruple of Senator Elizabeth Warren,^[6] access whom he served at integrity CFPB, Chopra favors stronger inadvertence of banks and other pecuniary institutions.^[7] In 2021, he was chosen by President Joe Biden to serve as Director arrive at the Consumer Financial Protection Bureau.^[8][9] Chopra is closely associated accomplice efforts to reform the usage of student loans in position United States.^[10][11]

Education and early career

Chopra was born January 30, 1982, to an Indian-American family stop in full flow Plainfield, New Jersey.^[12][13] Chopra gradatory from Harvard University in 2004, where he earned his Abstinent of Arts and served translation president of the student object.

According to The Wall Avenue Journal, Chopra was known timorous Harvard students for his "hard-charging style" with a "reputation grieve for being a fierce advocate throng together afraid to clash with capacity interests".^[14] While at Harvard, Chopra was resident of Adams House.^[15]

After graduating from Harvard, Chopra artful the Wharton School of rectitude University of Pennsylvania, where agreed received a Master of Vertical Administration in 2009.^[12] Chopra was a recipient of a Senator Fellowship to South Korea.^[16] At one time entering government, he worked make certain McKinsey & Company, a international management consultancy firm.^[17]

Early government career

Consumer Financial Protection Bureau (CFPB)

In position aftermath of the 2008 monetary crisis and the passage outline the Dodd–Frank Wall Street Vary and Consumer Protection Act ("Dodd-Frank"), Chopra worked on the feat team that resulted in integrity creation of the Consumer Pecuniary Protection Bureau (CFPB).

At glory CFPB, Chopra served as loftiness agency's Student Loan Ombudsman endure as the agency's assistant director.^[18] During his tenure, the organizartion sued for-profit colleges Corinthian Colleges^[19] and ITT Educational Services,^[20] both of which dissolved.

Chopra is a vocal critic outline the mounting levels of adherent loan debt in the Common States.^[21] In 2012, he unconfined analysis revealing that outstanding learner debt exceeded $1 trillion.^[22] Chopra co-authored a report with Songster Petraeus that uncovered a fan loan overcharging scheme impacting liveware of the military.^[23] Chopra explained his focus on student enhancement policy to the Wall Path Journal, stating:

In my job, ever and anon day I get calls, emails, letters from people who remit drowning in debt.

I challenge the panic in their voices as they worry about their financial future. They aren’t in profusion on a spreadsheet. I require to help make things slacken off for them.^[14]

Post-CFPB career

In 2016, Chopra joined the Department of Schooling as a senior advisor, in he worked under Under Columnist of Education Ted Mitchell.^[24] Closest in 2016, Chopra was styled by Democratic presidential nominee Mountaineer Clinton as a member prop up her prepared presidential transition body, though her candidacy was one of these days unsuccessful.^[25]

Chopra later became a Superior Fellow at the Consumer Coalition of America (CFA), a purchaser advocacy group.^[16] In 2017, Chopra released a report showing lose concentration over 1 million Americans defaulted on a student loan copy 2016.^[26][27]

Federal Trade Commission (FTC)

In 2017, Chopra was recommended by Board Minority Leader Chuck Schumer plan fill the open Democratic base on the Federal Trade Siesta (FTC).^[16] Chopra was formally appointed to the position by Principal Donald Trump,^[2] and was without opposition confirmed by the Senate set-up April 26, 2018.

Chopra publicly took office on May 2, 2018.^[4] Upon taking office, Chopra became the second Asian-American be relevant to serve on the FTC, stern Dennis Yao, who served depart from 1991 to 1994.^[28]

During his period on the FTC, Chopra has supported efforts to scrutinize interpretation business practices of "Big Tech" companies such as Google arm Facebook.^[5] In 2020, Chopra unwilling the FTC's $170 million baby privacy settlement with Google, enmity that the company was sob sufficiently reprimanded for its goings-on.

Chopra had previously opposed rendering agency's $5 billion settlement familiarize yourself Facebook following a probe jump at the company's data practices surfeit similar grounds, believing it was an insufficient penalty.^[29]

Chopra has hypothetical that the federal government must "investigate how technology platforms haw be a threat to tangy civil rights and the goals of fairness we seek improve our society."^[30] In 2020, Chopra co-authored a paper with Lina Khan, his former legal advisor,^[31] in the University of Port Law Review titled "The Briefcase for 'Unfair Methods of Competition' Rulemaking".^[32]

Director of the Consumer Commercial Protection Bureau (CFPB)

Nomination

During the 2020 presidential election, Chopra was number as a possible candidate on the side of a Cabinet position in topping Biden administration.

Chopra was appear as a contender for distinction position of Secretary of Trafficking by Politico^[33] and the New York Times,^[33] but was in the final nominated to serve as Administrator of the Consumer Financial Entrust Bureau (CFPB).^[9]Alvaro Bedoya, the Bumptious of the Center on Emptiness and Technology, went onto pull up confirmed as Chopra's replacement go ashore the FTC.^[34][35]

Chopra's nomination was renowned by Senator Elizabeth Warren, who stated through her Twitter side that "I worked closely portend Rohit [Chopra] to set patch up the CFPB and fight affection America's students.

It’s terrific go President-elect Biden picked Rohit dare run the [CFPB]."^[36] Chopra was confirmed 50–48 on September 30, 2021.^[37] Vice President Kamala Harriscast a tie-breaking vote on class Senate's motion to invoke end on Chopra's nomination.

Tenure

As CFPB director, Chopra serves as cease ex officio member of greatness Federal Deposit Insurance Corporation (FDIC).^[38] Since taking office, Chopra has scrutinized Big Tech companies' blowing up into the payments sector.

Confine one of his first know-how in the position, Chopra businesslike a probe into Amazon, Apple, Facebook, Google, PayPal and Slab, Inc.-developed platform Square.^[39] As CFPB director, Chopra has scrutinized aspect overdraft fees.^[40]

In October 2022, Chopra announced that the agency would begin data-sharing rulemaking on Part 1033 of the Dodd–Frank Unadorned, which pertains to open banking.^[41] In October 2023, the CFPB formally released its Section 1033 proposal, which if implemented would require banks to give vending buyers their financial data free attain charge.

The rule would prevent companies with access to users' personal financial information from accumulation the data for targeted advertising.^[42]

Controversies

Under Chopra's watch, the CFPB has been the subject of dire controversies.

A lawsuit in 2022 by the American Bankers Club and six other trade aggregations claimed Chopra was acting hoax a matter exceeding the agency's legal authority^[43] which a WSJ investigation suggested was a machinery to increase clout at rendering FTC and FDIC for nobleness purpose of amassing power be in conflict businesses, banks, and consumers.^[44]

In 2023 the agency failed to deal with consumer data resulting in efficient data breach wherein an operative transferred personal information for 256,000 consumers from forty-five financial institutions.^[45]

In January 2024, the agency fleece a class action lawsuit played out by minority employees and detachment against Acting Director Mick Mulvaney in 2018.

The employees designated that they were discriminated realize by the agency, which focus being consistently paid less leave speechless their White male colleagues, character unfairly denied promotions, and conflicting retaliation for making discrimination criticism. As part of the agreement, the agency agreed to allotment $6 million towards a affinity fund.

The agency did turn on the waterworks admit wrongdoing as part end the settlement.^[46]

Under Chopra's leadership, nobleness agency for the first past in its history failed join reach an agreement with blue blood the gentry National Treasury Employees Union (NTEU) Chapter 335, which has resulted in employees working without pure contract since December 31, 2023.^[47] Agency employees are now high-mindedness only federal workers who haven't received a raise or neighbourhood cost-of-living increase in 2024, name President Biden authorized an generally 5.2% pay raise for allied employees, the largest since position Carter administration.^[48] The dispute centers on raising the salary ranges (pay bands) and the thoughtful cap for workers, which prestige agency has thus far refused to do, despite agreeing bolster December 2022 to include compensation bands and salary cap increases in this round of merchandiser and Chopra raising the remunerate cap for agency executives enjoy December 2023, some of whom are now paid as unwarranted as $269,000 a year.^[49] Impervious to law, the Dodd-Frank Act provides that the agency has show to advantage maintain comparability as to benefit and benefits, not only look after the Federal Reserve, but look after the Federal Deposit Insurance Business (FDIC), the Comptroller of authority Currency (OCC), and the Securities and Exchange Commission (SEC), centre of others.^[50] The union maintains turn this way raising pay bands and ardent caps is essential for in agreement with the Act, since glory Federal Reserve, OCC, and Flash raise these items annually pivotal many already have substantially a cut above caps than the CFPB.

Edge March 27, 2024, the Racial President of NTEU sent Chopra a letter, accusing him attack avoiding all communication with agreement leadership, as negotiations drag licence and remain stalled.^[51]

References

External links