Chairman Hill criticizes CFPB's late-term regulations under Biden-Harris administration

House Financial Services Committee Chairman French Hill addressed the House floor, expressing concern over the rulemakings by the Consumer Financial Protection Bureau (CFPB) during the closing period of the Biden-Harris Administration.

In his remarks, Hill highlighted that both he and Senate Banking Chairman Tim Scott had previously requested outgoing regulators to cease all rulemakings. "Last December, Senate Banking Chairman Tim Scott and I were clear when we sent letters to outgoing Biden-Harris regulators and department heads urging them to 'put their pens down' and halt all rulemakings," Hill stated.

Despite these requests, Hill described a surge in regulatory actions. He particularly criticized former CFPB Director Rohit Chopra for continuing with what he termed "reckless rulemakings." According to Hill, these included capping fees on overdraft services and hiding medical debt from credit reports—actions he argues could harm consumers and increase healthcare costs.

Hill also mentioned legislative measures being taken to counter these actions. "The House passed my colleague, Rep. Andy Biggs of Arizona’s, bill today that ensures Congress can exercise appropriate oversight of executive rulemakings," said Hill. This bill would allow multiple agency rules enacted at the end of a presidential term to be reviewed collectively under a single Congressional Review Act resolution.

Hill concluded by committing to work with fellow lawmakers and the Trump Administration to adjust regulatory burdens and promote economic growth. "Together, we will facilitate faster and stronger economic growth in the years to come," he affirmed.