Newsroom

My name is Rohit Chopra, and I serve as an Assistant Director at the Consumer Financial Protection Bureau (Bureau), where I lead an office that focuses on issues facing students and young Americans. In 2011, I was also designated by the Secretary of the Treasury as the Student Loan Ombudsman within the Consumer Financial Protection Bureau, a new role established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Thank you for having me here today. I am very pleased to be able to join so many experts in consumer finance, a field whose interdisciplinary nature incorporates many fascinating issues from economics and psychology and many other subjects. As the first Director of the new Consumer Financial Protection Bureau, it seems to me that consumer finance is undeniably important. Just consider that in every macroeconomic model that exists today, consumer spending makes up about 70 percent of all economic activity. All of that activity requires practical and sustainable methods of financing.

WASHINGTON, D.C. — Today, the U.S. Department of Justice announced an enforcement action against Sallie Mae (also known as Sallie Mae Bank and Navient Solutions), the largest servicer of federal and private student loans, which was found to be systematically violating the legal rights of U.S. servicemembers. The Federal Deposit Insurance Corporation (FDIC) also reached […]

Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.

Thank you Treasurer Schmidt, and thank you all for having me here today. Working as a local and state treasurer in Ohio taught me the importance of consumer finance in the everyday lives of Americans. When I was the Franklin County Treasurer, my primary job was to run a financial office and safeguard public funds. But there was also another, very significant dimension of this work. I set out to collect millions in unpaid property taxes from those evading their obligations, and in doing so to protect all the law-abiding taxpayers and businesses that take pains to meet their obligations.

Good afternoon. It is a pleasure to be here and have the opportunity to speak at NCRC’s Annual Conference. The Bureau has benefited from its strong working relationship with NCRC on issues ranging from consumer protection to access to credit. We thank you for your continued partnership.

Good morning. It is my pleasure to have the opportunity to be with you today at the Federal Reserve Bank of Atlanta’s 2014 Banking Outlook Conference. I think an open dialogue among regulators and industry participants benefits everyone involved. Today, I will update you on a few of our key initiatives and discuss how we […]

Thank you all for joining us today. And thank you to Attorney General King, Attorney General Madigan, Attorney General Miller, and Attorney General Conway for being with us. Financial products can be a way for Americans to achieve dreams: to buy a home, to start a small business, and importantly, to go to school. People […]

Bureau Finds a Continued Decline in College Credit Card Agreements WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) called on financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid, and other products to students. Currently, institutions only make these disclosures about college credit cards. The CFPB also released […]

Over the last several years, many Americans have been able to save on monthly payments on their mortgages and other loans by refinancing to the low interest rates available in the market.

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau CFPB Banking on Campus Forum September 30, 2013 Thank you for joining the Consumer Financial Protection Bureau today for our Banking on Campus forum. I am pleased to welcome officials from the Department of Education, the Department of the Treasury, the Federal Deposit […]

Consumers now owe nearly $1.2 trillion in student loans they took out to attend college, trade schools, and graduate degree programs. That is more than any other time in history. And additional household debt, including credit card debt, has gone toward financing the rising costs of higher education.

The CFPB is asking these employers to make a pledge to inform their employees of their options. Up to a quarter of the U.S. workforce is in public service and may be eligible for existing student loan debt forgiveness programs, according to a CFPB report also released today.

I am happy to take part in a dialogue like today’s hearing, to ensure that military families have all the information they need to make sound decisions about where and how they spend their military education dollars.

The Consumer Financial Protection Bureau estimates that outstanding debt is approaching $1.2 trillion as of May 2013. We also estimate that student loans guaranteed or held by the federal government have now crossed the $1 trillion mark.

You told us about a number of debt relief companies that promise thousands of dollars in savings on borrowers’ student debt – an offer that may seem too good to be true.

By holding today’s hearing, it is clear that many of you are keenly interested in finding solutions for some of the troubling trends in the student loan market.

While many in Washington are focused on what loans look like for future borrowers, there may be a domino effect on the broader economy if we ignore borrowers currently stuck with high student loan payments.

Today’s report warns of the potential domino effects on the economy of high student debt. It also identifies policy and market-based solutions based on the public’s comments that would help borrowers manage their private student loan burden.

But a college degree has the potential to become more of a burden than a blessing for those saddled with unmanageable debt in a tough employment market. We have heard from frustrated borrowers across the country.

We want consumers to be able to navigate the financial marketplace effectively and to take more control over their economic lives in pursuit of their goals.

The report illustrates the ways we are using the tools Congress has provided us to empower consumers and promote a fair, transparent, and competitive marketplace for consumer finance.

We must start with the importance of fostering broader recognition that educational and informational support in matters of personal finance are essential pillars of life as we know it in America. 

As a result of these rising costs, more consumers need loans in order to afford college. By the end of last year, outstanding student loan debt was more than $1 trillion.

Today’s proposed rule would expand that supervision to certain nonbanks. The rule would define certain nonbank student loan servicers as “larger participants” and would allow the Bureau to oversee their activity for compliance with federal consumer financial laws.