Senate Confirms Rohit Chopra as CFPB Director

By a slim margin, the Senate on Thursday confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau.

The Senate voted 50-48 to confirm Chopra, currently a commissioner on the Federal Trade Commission. Earlier Thursday, the Senate deadlocked 50-50 on whether to end debate on the nomination, with Vice President Harris breaking the tie.

Banking Committee Chairman Sen. Sherrod Brown, D-Ohio, applauded Chopra’s selection to head the consumer agency. “He’ll fight for those who have felt that they’ve been left on their own,” Brown said.

Senate Banking Committee ranking Republican Sen. Pat Toomey of Pennsylvania said he had serious problems with the choice. “It is clear to me that Commissioner Chopra would return the CFPB to the rogue, unaccountable, anti-business agency it was during the Obama administration, and would continue to disregard legitimate congressional oversight.,” Toomey said on the Senate floor.

Toomey referred to a controversy involving Chopra when he worked at the CFPB during the Obama Administration and was the agency’s student loan ombudsman. In 2014, Chopra wrote a blog post that listed four credit unions and ten banks that he said did not disclose the terms of the contracts under which they would market financial products to their affiliated university partners. He included two credit unions on the list that did not have marketing agreements with universities. The CFPB deleted the blog post.

Chopra replaces Dave Uejio, who has served as acting director of the agency since President Biden took office. Earlier this year, the agency said it was pausing major regulatory moves until Chopra was confirmed.

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