The Consumer Financial Protection Bureau (CFPB) is reportedly rushing to complete new rulemaking ahead of the transition to Donald Trump’s second presidential administration.
According to a Reuters report sourced from three unnamed “people familiar with the agency’s thinking,” the CFPB is seeking to finalize a ban on including medical debt in credit reports and to propose restrictions on data brokers which track and collect personal data. CFPB Director Rohit Chopra, a Biden appointee, also reported stated the agency was considering adopting additional regulations before Trump takes office on Jan. 20, 2025.
Congressional Republicans had called on federal agencies to cease rulemaking during the final weeks of the Biden administration. A CFPB spokesperson stated, “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 spokesperson also said the CFPB was an independent agency whose work was not governed by political cycles.
The Reuters report comes as Elon Musk, who is co-directing the incoming administration’s Department of Government Efficiency, advocated for the agency’s shuttering.
“Delete CFPB,” wrote Musk in an X posting. “There are too many duplicative regulatory agencies.”
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