Federal Government’s Student-Loan Watchdog Will Step Down

Rohit Chopra, the Consumer Financial Protection Bureau’s first student-loan ombudsman, will step down next week, he wrote in a letter on Wednesday.

“I am proud of the progress that we have made together to assist borrowers, promote transparency, and hold accountable those who break the law,” Mr. Chopra wrote to Jacob J. Lew, the U.S. treasury secretary. “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 ombudsman, a position created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, represents the interests of private student-loan borrowers.

In a written statement, the bureau’s director, Richard Cordray, said Mr. Chopra’s work is “respected among policy makers, advocates, and industry. As our first student loan ombudsman, Rohit is setting the bar high as a strong advocate for student borrowers.”

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