Consumer Protection

Senate Confirms CFA’s Rohit Chopra to Serve as Federal Trade Commissioner

Washington, D.C. – After being confirmed unanimously by the U.S. Senate, Rohit Chopra, a Senior Fellow at the Consumer Federation of America (CFA), will be sworn in as a Federal Trade Commissioner on May 2nd, 2018.

“Clearly the Senate recognizes Rohit for being fair-minded and independent, as well as committed to a marketplace that works for consumers and honest businesses,” said CFA Executive Director Stephen Brobeck. “He is well-respected by those with all points of view, and his experience and character will be valuable assets in this critical role.”

Chopra’s work at CFA focused on consumer protection issues facing young people and military families. He is widely regarded for his expertise in the student loan market.

He previously served as Assistant Director of the Consumer Financial Protection Bureau, where he oversaw the agency’s work on behalf of students and young consumers. He was also named by the Secretary of the Treasury to serve as the CFPB’s Student Loan Ombudsman. Chopra later served as Special Adviser to the Secretary of Education to seek enhancements to student loan servicing and to develop stronger consumer protection standards.

During his tenure at the CFPB, the agency obtained hundreds of millions of dollars in refunds and relief for student loan borrowers to address illegal practices at companies like Wells Fargo and Corinthian Colleges. Under a newly established system, tens of thousands of student loan borrowers have filed complaints to get servicing errors fixed and other help. Chopra helped develop a Financial Aid Shopping Sheet, voluntarily adopted by thousands of colleges and universities, to help students and families make better decisions about student loans.

He also issued a series of reports about industry practices that exacerbated indebtedness and frequently testified before Congress. For example, in 2012, Chopra and Holly Petraeus issued a report uncovering a student loan overcharging scheme targeting members of the military. The report led regulators to charge Sallie Mae and Navient with violating the Servicemembers Civil Relief Act, providing $60 million in refunds for 78,000 servicemembers and veterans. He also worked with a bipartisan group of state Attorneys General to shut down debt relief scams and deceptive lead generators, such as GIBill.com.

Chopra also worked closely with entrepreneurs, capital markets professionals, and other regulators to help jumpstart competition in the student loan market, where a few players dominate. Today, consumers enjoy more competitive pricing, methods to compare loans, and new refinancing options.

Chopra will end his service with CFA upon taking his oath as Commissioner. The FTC is at the forefront of key issues facing consumers, from technology to financial services and more and Rohit Chopra is well-equipped to guide the Commission as it faces these challenges.

Contact: Jack Gillis, 202-939-1018