Exclusive: US consumer finance watchdog moves on new rules ahead of Trump takeover
Source: Reuters
November 27, 2024 2:55 PM EST Updated 15 min ago
Nov 27 (Reuters) - The U.S. consumer finance watchdog is moving ahead with rulemaking in the final weeks of Joe Biden's Democratic administration, in a bid to advance consumer protections before President-elect Trump overhauls the agency, said three people familiar with the agency's thinking.
The Consumer Financial Protection Bureau hopes to finalize a ban on including medical debt in credit reports, a proposal championed by Vice President Kamala Harris, and to propose restrictions on data brokers which track and collect personal data, said one of the sources who has direct knowledge of the matter.
On a Nov. 8 call with reform advocacy groups, CFPB director and Biden appointee Rohit Chopra said the agency was still considering adopting more regulations, according to the other two sources with direct knowledge of the call. The sources asked for anonymity to discuss sensitive policy matters. The decision by Chopra to keep rulemaking, which Reuters is the first to report, is a blow for firms that had hoped the agency would shelve efforts to curb their businesses after Trump's Nov. 5 victory.
It also defies congressional Republicans, who have called for agencies to cease rulemaking, and contrasts with the Biden administration's bank regulators who told Congress last week they will stop work until Trump takes power in January. A CFPB spokesperson said Chopra attended the call to listen to the groups' concerns but did not share his plans.
Read more: https://www.reuters.com/markets/us/us-consumer-finance-watchdog-moves-new-rules-ahead-trump-takeover-2024-11-27/
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