Rohit Chopra was the director of the Consumer Financial Protection Bureau (CFPB) nominated by former President Joe Biden. Chopra's directorship was confirmed by the Senate on Sept. 30, 2021. He was removed from office by President Donald Trump on Feb. 1, 2025.

Early Life and Education

Rohit Chopra was born on Jan. 30, 1982 in Plainfield, N.J. He graduated with a bachelor’s degree from Harvard University in 2004 and obtained an MBA from the Wharton School of the University of Pennsylvania in 2009. Chopra’s first position was with McKinsey & Company where he worked in the financial services, healthcare, and consumer technology sectors.

Role at the Consumer Finaꦬncial Protection Bureau (CFPB)

The CFPB was created following the 2008 financial crisis with the passage of the 澳洲幸运5官方开奖结果体彩网:2010 Dodd-Frank Act to ensure that consumers are educated and protected in the use of financial products and services offered in the market. It was built as a unit of the Federal Reserve System charged with protecting families and businesses from illegal practices by financial institutions. It ensures that markets for consumer financial products and services are fair, transparent, and competitive.

Chopra served as an assistant director and student loan 澳洲幸运5官方开奖结果体彩网:ombudsman at th𓂃e CFPB from 2010 to 2015. He acted as a special adviser to the Secretary of Education on student loan servicing issues at the U.S. Department of Education.

Chopra led efforts to increase competition in the student loan financing market and develop tools to allow students and student loan borrowers to make smarter decisions. He secured refunds for borrowers victimized by unlawful conduct by lenders, debt collectors, and for-profit college chains.

Chopra returned to the CFPB as its director in 2021.

Role at the Federal Trade Commission (FTC)

Rohit Chopra served as the Federal Trade Commission (FTC) commissioner from May 2, 2018 until Oct. 12, 2021. The FTC protects consumers and competition by preventing deceptive, unfair business practices.

Chopra successfully strengthened sanctions against repeat offenders, reversed the agency’s reliance on no-fault settlements in fraud cases, and halted abuses of small businesses while at the FTC. He also led efforts to revitalize dormant authorities such as those to protect the Made in USA label.

Director of the CFPB

The CFPB has been a politically polarizing entity since its inception under President Obama. Democrats are known to support the agency’s regulation of the financial industry and Wall Street while Republicans deplore the bureau’s power over a significant portion of the economy. Chopra is a Democrat and is regarded as a seasoned regulator and Wall Street critic. He worked to further Democratic policies and demonstrated his intention to effect major change in the world of consumer finance.

The CFPB issued a directive known as “Payment Orders” in October 2021. It was a request for information from six major American technology companies including Facebook, Google, and Amazon. The information related to the payment services they offer to American consumers. The issuance of the Payment Orders notice signaled the Bureau’s intent to assert itself as a primary regulator of major financial technology companies.

The Payment Orders decree was the first of many assertions made by the CFPB under Rohit Chopra’s early leadership. The CFPB also initiated steps to investigate the banking industry’s use of and dependence on overdraft and insufficient fund fees for revenue, possible “redlining" and use of discriminatory practices, and “buy now, pay later” (BNPL) plans offered to consumers as convenient layaway plans that also encourage consumer debt.

How Successful Is the CFPB?

The CFPB is in its 14th year of existence in 2025 and it's been very busy protecting consumers. It stopped Bank of America from double-dipping on insufficient fund fees and made the bank pay back more than $100 million to harmed customers plus $90 billion in penalties. It also forced Wells Fargo to pay a $1.7 billion fine and return more than $2 billion to consumers harmed by its violations of laws regarding auto loans and mortgages.

It has put $17.5 billion “back in Americans’ pocket🐬s in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement a𒐪nd supervision work.” It imposed $4 billion in civil money penalties on both companies and consumers who have violated the law. The money has gone into a victims’ relief fund.

The CFPB has handled more than four million consumer complaints averaging about 3,000 a day more than 50.1 million consumers have accessed its database for answers to hundreds of financial questions.

The Bottom Line

Rohit Chopra has served in roles at the FTC, CFPB, and the Department of Education as an advocate for consumers. He's worked to educate and inform consumers about abusive practices, supervise banking institutions, and study data to better understand consumers and the financial markets in which they participate.