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CFPB director defends rulemaking on medical debt, data brokers and account closures at Senate Banking hearing
Summary
CFPB Director Rohit Chopra told the Senate Banking, Housing and Urban Affairs Committee the bureau is pursuing rules to limit medical debt on credit reports, curb data-broker sales of sensitive financial data and scrutinize account closures while defending ongoing rulemaking amid Republican criticism.
Chairman Sherrod Brown presided over a hearing of the Senate Banking, Housing, and Urban Affairs Committee on Dec. 11, 2024, at which Consumer Financial Protection Bureau Director Rohit Chopra delivered the bureau’s semiannual report and outlined regulatory priorities.
Brown opened by framing the committee’s work as focused on everyday Americans, citing Dodd-Frank and the CFPB’s role in consumer protection. "We put the focus on the committee back where it should be, the people who make this country work," he said in opening remarks.
Chopra used his opening to set priorities: tackling concentrated credit-card markets, restricting how medical debt appears on credit reports, curbing abusive data-broker practices, preventing wrongful account closures and supervising large nonbank platforms. "Homeownership is supposed to be a part of the American dream, not something that is supposed to turn into a nightmare," Chopra said when discussing…
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