Rohit Chopra, the student loan watchdog at the Consumer Financial Protection Bureau and a key player in the agency’s effort to expose abuses in the student loan market, is stepping down.
Chopra, 33, sent a letter of resignation to Treasury Secretary Jack Lew Wednesday, thanking him and others at the department for supporting the bureau’s effort to protect consumers. The letter was obtained by The Washington Post.
“I am proud of the progress that we have made together to assist borrowers, promote transparency and hold accountable those who break the law,” wrote Chopra, who has declined to say where he is going. “While more work is needed to correct the serious deficiencies in the student loan market, I have great confidence in the bureau’s ability to continue this important work on behalf of consumers.”
The CFPB said its first student loan ombudsman will be replaced in the interim by Seth Frotman, Chopra’s second in command in the bureau’s office for students. Chopra’s last day at the CFPB will be next week.