The agency that Mr. Chopra will take over has been defanged under Mr. Trump. Created as a brainchild of Senator Elizabeth Warren as part of the Dodd-Frank financial overhaul law, the consumer bureau was made largely ineffectual after Mr. Trump appointed Mick Mulvaney to run it as interim chair. He pledged to run the agency with “humility and prudence” and requested no funding from the Federal Reserve. While at the consumer bureau through 2015, Mr. Chopra served as the agency’s first “student loan ombudsman” pushing for more protections for borrowers. Student loans are expected to be a key focus for Mr. Chopra, along with payday loan protection and debt collection regulations.

Source: New York Times January 18, 2021 01:49 UTC