WASHINGTON–President Joe Biden has nominated Rohit Chopra to become director of the Consumer Financial Protection Bureau.
Chopra, who currently serves as a member of the Federal Trade Commission, has previously served at the CFPB as its student-loan ombudsman.
If confirmed, Chopra would replace Kathy Kraninger in leading the Bureau. Kraninger was appointed by President Trump to the position in 2018.
In a statement, the Biden Administration said Chopra “has actively advocated to promote fair, competitive markets that protect families and honest businesses from abuses.”
In his earlier position with the CFPB, Chopra, 38, pushed student loan companies to improve their treatment of borrowers.
Carrie Hunt, EVP and general counsel with NAFCU, noted the trade group is familiar with Chopra, having worked with him in his prior term with the Bureau. She said the nomination of a new director was anticipated and NAFCU looks forward to continuing to work with the Bureau.
Under Kraninger, Hunt noted the CFPB has primarily focused on enforcement rather than new rulemakings and the trade group is hoping that approach will continue.
“We now have years and years of actual data on how the rulemakings have impacted markets and communities,” said Hunt. “We expect it will be a busy couple of years.”
Added NAFCU CEO Dan Berger, “NAFCU has enjoyed a strong relationship with Bureau leadership over the years, and we look forward to hearing more about Commissioner Chopra’s views on regulation and consumer protection during the confirmation process. We will continue to advocate for the agency to tailor regulations to reign in bad actors while allowing credit unions to successfully serve their 123 million members.”