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Game On! Biden Nominates Chopra to Lead the CFPB

State Attorneys General_109719447
By David N. Anthony, Timothy Butler, Ashley L. Taylor, Jr., Alan D. Wingfield & Elizabeth Briones on January 20, 2021
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The Consumer Financial Protection Bureau (CFPB) will soon fall under the leadership of an aggressive consumer advocate. On January 18, President-elect Joe Biden announced that he will nominate current Federal Trade Commission (FTC) Commissioner Rohit Chopra to be the next director of the agency.

A CFPB veteran, Chopra holds a B.A. from Harvard and an MBA from Wharton. In 2011, Sen. Elizabeth Warren, who then served as a special advisor in the Obama administration, tapped Chopra to serve as assistant director of the CFPB, where he led the agency’s student loan agenda. In that role, he became known for his hard-charging style and frequent criticisms of private student lenders.

As an FTC commissioner since 2018, Chopra supported more aggressive rulemaking and enforcement efforts. Indeed, he openly acknowledged his efforts to encourage “vigorous agency enforcement” and to demand “aggressive remedies against lawbreaking companies.”

Consumer advocates have hailed Chopra’s nomination — “Financial predators, watch out,” said Public Citizen. “Rohit Chopra has proven himself a dedicated consumer champion and passionate defender of Main Street Americans against corporate wrongdoing.”

“Commissioner Chopra has long fought for financial markets that are fair for consumers, including student loan borrowers,” said Ashley Harrington, Center for Responsible Lending Federal advocacy director and senior counsel. “We are encouraged that the CFPB will now return to its mission of protecting people’s finances, which has heightened significance in this economic downturn, and which includes a strong fair lending program.”

And, indeed, Chopra’s nomination gives a clear signal that the CFPB will soon take a more aggressive stance in both its rulemaking and enforcement efforts.

Photo of David N. Anthony David N. Anthony

David is an experienced trial attorney with a concentration in litigating financial services and business disputes, including class actions related to the FCRA, FDCPA, TCPA and other consumer protection statutes.

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Photo of Timothy Butler Timothy Butler

Tim represents clients in high-stakes litigation, enforcement, and regulatory matters. His practice focuses on matters involving state Attorneys General, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB).

Read more about Timothy ButlerEmail Timothy's Linkedin Profile
Photo of Ashley L. Taylor, Jr. Ashley L. Taylor, Jr.

Ashley specializes in regulatory and enforcement matters involving the state Attorneys General, CFPB and FTC.

Read more about Ashley L. Taylor, Jr.Email Ashley L.'s Linkedin Profile
Photo of Alan D. Wingfield Alan D. Wingfield

Alan Wingfield is a partner in the firm’s Consumer Financial Services practice, with a focus on Financial Services Litigation and consumer law compliance counseling. Alan has represented businesses in many venues nationally in class action and individual consumer litigation. Alan’s practice includes compliance…

Alan Wingfield is a partner in the firm’s Consumer Financial Services practice, with a focus on Financial Services Litigation and consumer law compliance counseling. Alan has represented businesses in many venues nationally in class action and individual consumer litigation. Alan’s practice includes compliance counseling to help businesses with the myriad federal and state consumer protection laws and laws regulating financial services companies.

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Photo of Elizabeth Briones Elizabeth Briones

Elizabeth Briones is an associate in the firm’s Consumer Financial Services practice with a focus on complex litigation, professional liability, and product liability. 

Read more about Elizabeth BrionesEmail
  • Posted in:
    Financial
  • Blog:
    Consumer Financial Services Law Monitor
  • Organization:
    Troutman Pepper Hamilton Sanders LLP
  • Article: View Original Source

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