'Scourge to the banks': Who is Rohit Chopra, the director of CFPB?

The US Supreme Court is scheduled to listen to arguments in a case on Tuesday that could potentially dismantle the Consumer Financial Protection Bureau ( CFPB ). The hearing comes at a moment when the CFPB, led by director Rohit Chopra is pursuing an exceptionally assertive approach. The agency is actively targeting abuses in the mortgage-lending sector, closely examining the utilization of artificial intelligence in credit underwriting, and curbing what are known as "junk fees" — a broad term covering charges for bounced checks and belated credit-card payments. Rohit Chopra , the director of the Consumer Financial Protection Bureau (CFPB), was nominated by President Joe Biden in January 2021 and confirmed by the Senate in October 2021. Chopra is known for his aggressive enforcement actions against financial institutions that violate consumer rights, especially those that engage in repeated offenses. He has also expanded the scope of the CFPB's anti-discrimination authority to cover not only credit products, but also other financial services such as deposit accounts, prepaid cards, remittances, and debt collection. According to a report in the New York Times , Chopra, who, at the age of 41, stands as one of Washington's youngest regulatory heads, expressed calmness in the face of the challenge to his agency's authority. "I believe this is the kind of response you anticipate when you're fulfilling your responsibilities," he remarked. Chopra's aggressive approach has made him a hero to consumer advocates and a scourge to the banks and other lenders his agency oversees, the NYT report said. However, Chopra has faced opposition from the financial industry since he joined the CFPB in 2010 as its first student loan ombudsman. He has also received support from consumer groups, civil rights organizations, and progressive lawmakers who applaud his efforts to protect consumers and hold financial institutions accountable. “The CFPB is under attack because it’s good at what it does,” Senator Elizabeth Warren said last week.