Rohit Chopra facts for kids
Quick facts for kids
Rohit Chopra
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| 3rd Director of the Consumer Financial Protection Bureau | |
| Assumed office October 12, 2021 |
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| President | Joe Biden Donald Trump |
| Preceded by | Kathy Kraninger |
| Commissioner of the Federal Trade Commission | |
| In office May 2, 2018 – October 12, 2021 |
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| President | Donald Trump Joe Biden |
| Preceded by | Joshua D. Wright |
| Succeeded by | Alvaro Bedoya |
| Personal details | |
| Born | January 30, 1982 Plainfield, New Jersey, U.S. |
| Political party | Democratic |
| Education | |
| Signature |  |
Rohit Chopra (born January 30, 1982) is an American government official. He is currently the third director of the Consumer Financial Protection Bureau (CFPB). Before this, he was a member of the Federal Trade Commission (FTC).
Mr. Chopra also served as an assistant director at the CFPB. He was the agency's first Student Loan Ombudsman. This role helps people with problems related to their student loans. He is known for wanting stronger rules for banks and other financial companies.
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Early Life and Education
Rohit Chopra was born on January 30, 1982. His family is Indian-American. He grew up in Plainfield, New Jersey.
He went to Harvard University and graduated in 2004. He earned a Bachelor of Arts degree there. While at Harvard, he was the president of the student body. He was known for being a strong advocate for students.
After Harvard, Mr. Chopra studied at the Wharton School of the University of Pennsylvania. He received a Master of Business Administration in 2009. He also received a Fulbright Fellowship to study in South Korea. Before working for the government, he worked at a company called McKinsey & Company.
Working for the Government
Helping Consumers with Money
After a big financial crisis in 2008, a new law was passed. It helped create the Consumer Financial Protection Bureau (CFPB). This agency helps protect people when they deal with banks and other financial companies. Mr. Chopra was part of the team that helped set up the CFPB.
At the CFPB, he became the Student Loan Ombudsman. This means he was the main person helping students with their loan problems. During his time, the agency took action against some for-profit colleges. These colleges later closed down.
Mr. Chopra has often spoken about the large amount of student loan debt in the United States. In 2012, he showed that student debt was over $1 trillion. He worked on a report that found some military members were being overcharged for student loans. He once said, "I hear the panic in their voices as they worry about their financial future. I want to help make things better for them."
Working at the Department of Education
In 2016, Mr. Chopra joined the United States Department of Education. He worked as a senior advisor there. Later that year, he was part of Hillary Clinton's team. She was running for president at the time.
After that, Mr. Chopra worked for the Consumer Federation of America. This group works to protect consumers. In 2017, he reported that over 1 million Americans had trouble paying their student loans in 2016.
At the Federal Trade Commission
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In 2017, President Donald Trump chose Mr. Chopra to join the Federal Trade Commission (FTC). The FTC works to protect consumers and stop unfair business practices. The Senate approved his nomination. He officially started his role on May 2, 2018. He was the second Asian-American to serve on the FTC.
While at the FTC, Mr. Chopra supported looking closely at large technology companies. These include companies like Google and Facebook. He believed these companies needed to be held more accountable. For example, he thought Google's penalty for child privacy issues was not strong enough. He also felt Facebook's penalty for data problems was too small.
Mr. Chopra has said that the government should check how technology companies might affect people's civil rights.
Leading the Consumer Financial Protection Bureau
Becoming the Director
In 2021, President Joe Biden chose Mr. Chopra to lead the Consumer Financial Protection Bureau (CFPB). Senator Elizabeth Warren praised his nomination. She said she worked with him to set up the CFPB. She also said he fought for America's students.
The Senate confirmed his nomination on September 30, 2021. He became the director of the CFPB.
His Work as Director
As the CFPB director, Mr. Chopra has looked into how big tech companies are getting involved in payments. He ordered a review of platforms from companies like Amazon, Apple, Facebook, Google, PayPal, and Block, Inc.. He has also looked closely at bank overdraft fees.
In 2022, Mr. Chopra announced that the agency would start making rules about data sharing. These rules would require banks to give consumers their financial data for free. The rules would also stop companies from using this personal financial information for targeted advertising.
