Rohit Chopra

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Rohit Chopra
Rohit Chopra official photo.jpg
Member of the Federal Trade Commission
Assumed office
May 2, 2018
PresidentDonald Trump
Preceded byJoshua D. Wright
Personal details
Political partyDemocratic
Alma materHarvard University (BA)
University of Pennsylvania (MBA)
Signature

Rohit Chopra is an American consumer advocate and a Commissioner on the Federal Trade Commission. He is closely associated with efforts to reform the student loan system in the United States. He was previously Assistant Director of the Consumer Financial Protection Bureau. He was appointed by the Secretary of the Treasury as agency's first Student Loan Ombudsman, established by the Dodd–Frank Wall Street Reform and Consumer Protection Act.[1] On October 19, 2017, the White House announced its intent to nominate Chopra to fill the open Democratic seat on the Federal Trade Commission.[2] On April 26, 2018, the United States Senate unanimously confirmed Chopra's nomination to serve as a Commissioner on the Federal Trade Commission.[3] On May 2, 2018, Chopra was sworn in as a Commissioner and took office.[4]

Professional background[edit]

Chopra received his undergraduate degree from Harvard University and his MBA from the Wharton School of the University of Pennsylvania. Before entering government, he worked at McKinsey & Company, the global management consultancy.

After the 2008 financial crisis and the passage of the Dodd-Frank Act, Chopra worked on the implementation team to launch the Consumer Financial Protection Bureau. After the launch, Chopra served as the agency's "student loan pointman."[5]

Chopra is a vocal critic of the mounting levels of student loan debt in the United States.[6] In 2012, he released analysis revealing that outstanding student debt exceeded $1 trillion.[7] He co-authored a report with Holly Petraeus that uncovered a student loan overcharging scheme impacting members of the military.[8] During his tenure, the agency sued Corinthian Colleges[9] and ITT Educational Services,[10] both of which dissolved.

In 2017, Chopra released a report showing that over 1 million Americans defaulted on a student loan in 2016.[11][12]

Nomination[edit]

On February 28, 2018, the Senate Commerce Committee reported Chopra's nomination to serve as a Commissioner on the Federal Trade Commission to the full U.S. Senate for its consideration.[13] On April 26, 2018, the full United States Senate unanimously confirmed Chopra's nomination.[3]

He took office on May 2, 2018.[14]

References[edit]

  1. ^ "Rohit Chopra · Consumer Federation of America". Retrieved July 3, 2018.
  2. ^ "President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts".
  3. ^ a b "Senate Cloakroom on Twitter". Retrieved July 3, 2018.
  4. ^ "FTC Fully Stocked As 3 More Commissioners Are Sworn In". Law360.com. Retrieved July 3, 2018.
  5. ^ Douglas-Gabriel, Danielle (June 17, 2015). "Consumer watchdog says goodbye to student loan pointman" – via www.washingtonpost.com.
  6. ^ Andriotis, AnnaMaria; Zibel, Alan (December 4, 2014). "CFPB Official Speaks Loudly on Student Loans" – via www.wsj.com.
  7. ^ Mitchell, Josh; Jackson-Randall, Maya (March 22, 2012). "Student-Loan Debt Tops $1 Trillion" – via www.wsj.com.
  8. ^ https://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf
  9. ^ "Special announcement for Corinthian students - Consumer Financial Protection Bureau". Retrieved July 3, 2018.
  10. ^ "CFPB Sues For-Profit College Chain ITT For Predatory Lending - Consumer Financial Protection Bureau". Retrieved July 3, 2018.
  11. ^ Mitchell, Josh (March 14, 2017). "Student-Loan Defaults Rose by 1.1 Million in 2016" – via www.wsj.com.
  12. ^ Berman, Jillian. "More than 1 million borrowers defaulted on their student loans last year". Retrieved July 3, 2018.
  13. ^ "U.S. Senate Committee On Commerce, Science, & Transportation - Nominations". Retrieved July 3, 2018.
  14. ^ "FTC Fully Stocked As 3 More Commissioners Are Sworn In". Law360.com.