CFPB Pick Chopra Expected to Quickly Expand Watchdog’s Reach

A rapid reawakening of the CFPB awaits the financial services industry once President Joe Biden’s pick for the bureau’s chief takes over.

Biden plans to nominate Rohit Chopra, currently a member of the Federal Trade Commission, for a five-year term as the Consumer Financial Protection Bureau’s director. He would replace Trump appointee Kathy Kraninger, who resigned Wednesday at Biden’s request.

Chopra is familiar with the CFPB. The former consumer advocate helped establish the bureau alongside Sen. Elizabeth Warren (D-Mass.) after the financial crisis. He then served as the bureau’s first student loan ombudsman.

Chopra is expected to reinvigorate the bureau ...