Biden Picks Chopra to Lead CFPB, Gensler to Chair SEC

President-Elect Biden today announced that he would nominate Rohit Chopra to serve as director of the Consumer Financial Protection Bureau. Chopra has served since 2018 as a Democratic member of the Federal Trade Commission, and he was a member of the launch team for the CFPB, serving as assistant director of the bureau for student lending and as student loan ombudsman.

ABA President and CEO Rob Nichols congratulated Chopra on his appointment. “The bureau plays a critically important role in overseeing our highly competitive and vibrant financial services marketplace,” he said. “We look forward to working with Commissioner Chopra to make sure consumers continue to have access to the financial products and services they want and need with the protections they deserve.”

Biden also announced his selection of Gary Gensler to chair the Securities and Exchange Commission. Gensler was chairman of the Commodity Futures Trading Commission from 2009 to 2014, where he led rulemaking to implement several Dodd-Frank Act reforms to swaps and derivatives markets. Gensler is currently an economics and management professor at the Massachusetts Institute of Technology, co-director of the MIT Computer Science and Artificial Intelligence Laboratory’s fintech project and a senior adviser to MIT’s Digital Currency Initiative.