U.S. House Financial Services Committee Chairman French Hill delivered House floor remarks condemning what he described as an “avalanche” of end-of-term rulemakings by the Consumer Financial Protection Bureau under former Director Rohit Chopra and indicated that Congress will seek to overturn them, highlighting actions on overdraft fee caps and the removal of medical debt from credit reports. Hill said he and Senate Banking Committee Chairman Tim Scott had previously urged outgoing regulators and department heads to halt rulemaking. He argued that capping overdraft fees amounts to government price controls and that excluding medical debt from credit reports would raise costs for Americans seeking medical care and restrict access to healthcare, particularly in rural areas. As part of an oversight response, he pointed to House passage of Rep. Andy Biggs’ bill that would allow multiple agency rules issued at the end of a presidential term to be considered en bloc in a single Congressional Review Act resolution. Hill said he intends to work with the Senate Banking Committee and the Trump Administration to “right-size” regulatory burden.
U.S. Financial Services Committee 2025-02-12
U.S. House Financial Services Committee chair criticises CFPB end-of-term rulemakings and backs legislation to bundle CRA disapprovals
U.S. House Financial Services Committee Chairman French Hill criticized the Consumer Financial Protection Bureau's end-of-term rulemakings under former Director Rohit Chopra, focusing on overdraft fee caps and removing medical debt from credit reports. Hill argued these measures could increase costs and restrict healthcare access, especially in rural areas, and indicated Congress will seek to overturn them. He also highlighted the House's passage of a bill allowing multiple agency rules to be reviewed en bloc under the Congressional Review Act.