The U.S. House Financial Services Committee is holding a full committee hearing with Consumer Financial Protection Bureau Acting Director Russ Vought to review the CFPB’s semi-annual report, examine changes underway at the agency and discuss reforms aimed at making it more accountable, transparent and focused on consumer protection. In prepared remarks, Chairman French Hill framed the hearing as an oversight exercise focused on the bureau’s direction under President Trump and Vought. Hill argued that the CFPB has too often acted as an overreaching regulator, pointing to burdensome regulations, duplicative supervision, policymaking driven by informal guidance and enforcement approaches that he said harmed lawful business models, access to credit and financial innovation. He said the committee is advancing a comprehensive set of legislative reforms intended to create more durable guardrails by clarifying the CFPB’s statutory authorities, strengthening due process, restoring transparency, promoting coordinated and risk-based supervision and preventing regulation by enforcement.
U.S. Financial Services Committee2026-07-15
U.S. House Financial Services Committee holds CFPB oversight hearing and presses for legislative reforms
The U.S. House Financial Services Committee is holding an oversight hearing with CFPB Acting Director Russ Vought on the bureau’s semi-annual report, ongoing agency changes and possible reforms. In prepared remarks, Chairman French Hill said the committee is pursuing legislative changes to curb what he described as past CFPB overreach and to set clearer statutory and supervisory guardrails.