Tuesday, October 26News That Matters

Tag: Chopra, Rohit

Consumer Bureau Chief Confirmed in Close Senate Vote

Business
The Senate confirmed Rohit Chopra on Thursday to run the Consumer Financial Protection Bureau in a 50-to-48 party-line vote that overcame objections from Republicans who said he would wield the bureau’s sweeping powers to pursue an anti-business agenda.Mr. Chopra, 39, served most recently as a commissioner on the Federal Trade Commission, which he often criticized for what he viewed as a reluctance to crack down on violators. Facebook and Google were particular targets of his ire; citing “the endless scandals involving large technology firms,” he called for much larger financial penalties and stiffer constraints.As President Biden’s choice for director, Mr. Chopra will be returning to an agency he helped build. Congress created the Consumer Financial Protection Bureau a decade ago with a s...
A Novel Way to Finance School May Penalize Students from HBCU’s, Study Finds

A Novel Way to Finance School May Penalize Students from HBCU’s, Study Finds

Business
The typical student who borrows to attend college leaves with more than $30,000 in debt. Many struggle to keep up with their payments, and America’s ballooning tab for student loans — now $1.7 trillion, more than any other type of household debt except for mortgages — has become a political flash point.So a financing approach known as an income-share agreement, which promises to eliminate unaffordable student debt by tying repayment to income, has obvious appeal. But a new study has found that income share agreements can also mask race-based inequalities.The analysis, released on Thursday by the Student Borrower Protection Center, an advocacy group, found that borrowers at schools that focus on minority students can end up paying more than their peers at largely white campuses.Income-share...