Skip to main content

Senate Confirms Rohit Chopra As CFPB Director

David Krechevsky
Sep 30, 2021
Rohit Chopra Confirmed As CFPB Director

Ally of Sen. Elizabeth Warren survives 51-48 party-line vote to lead consumer bureau

  • A former CFPB assistant director, who helped create the bureau, survives two close, party-line votes in Senate
  • Chopra, a Harvard and Wharton School grad, will serve a 5-year term as CFPB director.

The U.S. Senate on Thursday confirmed Rohit Chopra as the new director of the Consumer Financial Protection Bureau.

The 50-48 vote was along party lines, a dramatic shift from Chopra’s unanimous confirmation by the Senate in April 2018 to serve as a Democratic commissioner on the Federal Trade Commission. An earlier vote on Thursday to advance Chopra’s nomination as CFPB director to a confirmation vote ended 51-50, with Vice President Kamala Harris breaking the tie in the evenly divided Senate. It was the ninth time since taking office that she has cast a tie-breaking vote.

Chopra, 39, is a graduate of Harvard University; he earned his MBA from the Wharton School at the University of Pennsylvania.

He worked alongside Sen. Elizabeth Warren, D-Mass., in helping to establish the CFPB in the aftermath of the 2008 financial crisis. He then joined the agency, serving as Student Loan Ombudsman and later as assistant director.

In a message posted on Twitter, Warren congratulated Chopra on his confirmation, stating that she “worked closely with Rohit to set up the CFPB & fight for America’s students. He is a terrific champion for consumers & will be a fearless leader of the Bureau. Let’s get to work!”

Chopra will serve a five-year term as director of the CFPB, which oversees and investigates the ways that financial institutions – including banks, lenders, debt collectors and insurance companies – treat their customers. The bureau has broad power to impose penalties, led by the director, who has final say.

According to, Chopra has “vowed to drastically increase the consequences financial firms face for harming their customers,” as well as to tighten regulations loosened during the Trump administration.

Senate Majority Leader Chuck Schumer, D-New York, also commented via Twitter, stating that with Chopra’s confirmation, “CFPB will return to fighting for people – not big financial institutions like under Trump.”

Sep 30, 2021
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Oct 08, 2021