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Senate approves Rohit Chopra as head of CFPB

Rohit Chopra testifies during a Senate Budget Committee hearing on student loan debt on Capitol Hill in Washington, D.C., on June 4, 2014. The Senate confirmed him as head of the CFPB. File Photo by Kevin Dietsch/UPI
Rohit Chopra testifies during a Senate Budget Committee hearing on student loan debt on Capitol Hill in Washington, D.C., on June 4, 2014. The Senate confirmed him as head of the CFPB. File Photo by Kevin Dietsch/UPI | License Photo

Sept. 30 (UPI) -- The U.S. Senate on Thursday approved President Donald Trump's nominee to lead the Consumer Financial Protection Bureau -- Rohit Chopra.

The chamber voted 50-48 in favor of Chopra, who previously held one of the Democratic seats on the Federal Trade Commission.

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The Senate Committee on Banking failed the advance his nomination in March with a 12-12 vote, but Senate Democratic leader Chuck Schumer discharged the nomination, Axios reported.

Forbes said Chopra is expected to push the CFPB back into its role as a tough consumer watchdog like it was under the Obama administration, imposing millions of dollars of fines on companies that wrong consumers.

The agency had fewer enforcement actions under the Trump administration. Former Director Mick Mulvaney preferred the agency to serve as an educational resource for consumers rather than "looking for excuses to bring lawsuits."

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