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.”
“Delete CFPB, there are too many duplicative regulatory agencies.”
It is a fundraising agency that enacts rules for important donors and supporters. It is a hindrance to individuals and increases costs of home ownership
An unaccountable bureaucracy that does not even answer to Congress? How does this kind of thing even happen? This is like something a third word dictator would create.
The CFPB has done excellent work on behalf of our citizens; remember, it was created as a response to the erosion of finance regulation that allowed the meltdown of 2008 to happen. I support it and its mission 100%.
Myra White, I agree 100%!
Delete, delete, delete, delete. This agency is a duplication of efforts with unbridled, and questionable motives and authority. They are, by and large, a taxing entity that consumers ultimately fund.
Sounds like they are changing their rules out of self-preservation. That should tell you something.
There are umpteen duplications of federal rule-making including primary residence “home loans”, which can be trimmed. The melt down of 2008 was due to excessively out-leveraged real estate financing, completely avoidable.
Current credit score models are pretty much pointless considering the degree to which they can be manipulated. Not including medical debt will further erode their value. It’s either a true picture (where individual considerations can be made by a lender) or it serves no purpose.