The Chronicle of Higher Education
by Vimal Patel
January 20, 2021
President Biden has named a strong advocate for student-loan borrowers to lead the Consumer Financial Protection Bureau, a peace offering to the energized left flank of his party, and also a sign that the incoming administration wants aggressive oversight of student-loan servicers.
Rohit Chopra, a member of the Federal Trade Commission, previously served as the bureau’s student- loan ombudman, where he was an ally of Sen. Elizabeth Warren, Democrat of Massachusetts, a key figure in the creation of the consumer-rights agency. Debtor advocates lauded the move, calling Chopra a “trailblazer” who cracked down on predatory for-profit colleges and rooted out abusive practices in servicing student loans.
“Rohit’s nomination means that the strongest advocate for student-loan borrowers in our current history will be leading the bureau,” said Natalia Abrams, executive director of Student Debt Crisis, an advocacy group.
The choice comes at a time when such advocates are hopeful on two fronts: the prospect of mass debt cancellation (Biden has indicated he’s open to forgiving $10,000 in student-loan debt, and progressives will push him hard for more) and increased scrutiny of predatory lending practices after four years of diminished enforcement.