RELEASE: Center for American Progress Welcomes Rohit Chopra as New Senior Fellow
Washington, D.C. — The Center for American Progress welcomes Rohit Chopra as a Senior Fellow, following his recent departure from the Consumer Financial Protection Bureau as its top student financial services regulator. Chopra will work on issues facing young people and the economy, including the impact of growing student debt burdens.
“We are thrilled to welcome Rohit Chopra, one of the leading voices on student debt reform, to the Center for American Progress,” said Carmel Martin, Executive Vice President for Policy at CAP. “Rohit’s deep knowledge of the student loan crisis will be a tremendous asset as CAP works to make needed fixes.”
“Rohit has been a tireless advocate for student loan borrowers, and we are glad to have him on our side as we work to reverse the damage that student debt inflicts on our economy and society,” said Anne Johnson, Executive Director of Generation Progress. “For 10 years, Generation Progress has worked to make student loan debt a salient issue for policymakers. Rohit’s work as a regulator to take on bad actors in the student loan and for-profit college industry will be a critical asset as we seek further reform.”
After the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Chopra joined the team led by Elizabeth Warren within the U.S. Department of the Treasury to establish the Consumer Financial Protection Bureau, or CFPB. In 2011, he was named by the secretary of the Treasury as the agency’s student loan ombudsman, a new position created by the Dodd-Frank Act. He also served as an assistant director of the CFPB, leading the agency’s efforts on students and young consumers.
During his tenure, the CFPB took action to hold private student lenders, student loan servicers, student loan debt collectors, and for-profit colleges accountable. Chopra and his colleagues uncovered a number of harmful practices in the student loan industry, including a scheme to overcharge military families, improper defaults when private student loan co-signers die or file for bankruptcy, and illegal lending practices by publicly traded for-profit college chains. He frequently spoke and testified about the need to mitigate the potential negative impacts on the economy of heavy student debt burdens, as well as the need to reform the student loan servicing industry to reduce unnecessary defaults.
Chopra earned his bachelor’s degree from Harvard College and a master’s degree in business administration from the Wharton School at the University of Pennsylvania. He was also the recipient of a U.S. Fulbright Fellowship.