Rohit Chopra is the new Consumer Financial Protection Bureau (CFPB) director, his nomination approved 50-48 with Vice President Kamala Harris casting the tie-breaking vote.
Prior to the new role, Chopra filled a Democrat seat on the Federal Trade Commission, becoming an FTC commissioner in 2018. Before that, he was appointed as the CFPB’s student loan ombudsman in 2011.
Chopra is the CFPB’s third permanent director since the bureau was created by the Dodd-Frank Act. Kathy Kraninger, the last administration’s choice to run the bureau, was asked to resign by Biden on his first day in office.
Experts expect Chopra to have a more aggressive approach to the “watchdog” role, worrying some politicians there will be unnecessary oversight.
“I have grave concerns that Commissioner Chopra would return the CFPB to the lawless, overreaching, highly politicized agency it was during the Obama Administration,” said Sen. Pat Toomey of Pennsylvania, the ranking Republican on the Senate Banking Committee, during his speech opposing the nomination.
However, increased enforcement could shine a brighter line on fair lending in the industry.
According to Chopra, his first focus will be the financial impact of the coronavirus pandemic.
“On behalf of the American Land Title Association and our members nationwide, we congratulate Rohit Chopra on his confirmation as director of the Consumer Financial Protection Bureau,” said Diane Tomb, the American Land Title Association’s (ALTA) chief executive officer, in a statement. “ALTA and its members look forward to working with Director Chopra and the Bureau’s staff to help provide positive and compliant real estate settlement experiences for consumers—and to serve as a resource on important issues, such as wire transfer fraud, third-party oversight and mortgage disclosures.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news to lizd@rismedia.com.
