While other agencies are planning on going quiet during the transition of power from President Biden to President-elect Trump, the Consumer Financial Protection Bureau appears to move forward with a number of pending regulations, including its proposed medical debt credit reporting prohibition, according to a published report.
The Bureau wants to make as much progress as possible before President-elect Trump takes office, according to the report.
Along with moving forward on issuing a final rule related to prohibiting the inclusion of medical debts on consumers’ credit reports, the Bureau is also planning to propose restrictions on data brokers, CFPB Director Rohit Chopra told advocacy groups during a call earlier this month, according to the report.
Congressional Republicans, like Sen. Tim Scott [R-S.C.], likely to be the chair of the Senate Banking Committee when the new session of Congress is gaveled into order in January, have called on the Biden administration to cease all rulemaking and withdraw any nominations.
“As the top Republican on the Senate Committee on Banking, Housing, and Urban Affairs, I call on the agencies overseen by the Committee to cease all rulemaking, including the finalization of any pending or proposed regulations or guidance, and to comply with federal record retention laws and preserve all agency documents, records, and communications,” Sen. Scott wrote in a letter to President Biden earlier this month. “I subsequently demand that all pending nominations within the Committee’s purview be withdrawn. I will not vote for, or advance, any nominees put forth in front of the Committee by your administration. Next Congress I look forward to confirming President Trump’s nominees who will bring about economic opportunity for all Americans.”
A spokesman for the CFPB said that Chopra attended the call with advocacy groups to hear their concerns but did not share any plans. “Director Chopra has not made any decisions about what the bureau may finalize before the change in administrations but we are continuing to work,” the spokesman said, according to the published report.
