Biden's consumer watchdog is taking a big last-minute risk

Published On Jan 12, 2025, 9:42 AM

The Consumer Financial Protection Bureau (CFPB) under Rohit Chopra is implementing significant new regulations during the Biden administration's final days, despite opposition from Congressional Republicans. Recent actions include capping bank overdraft fees at $5, which is a substantial decrease from an average of $27, and prohibiting medical debt from appearing on consumer credit reports. While these regulations are seen as favorable for consumers, they face the threat of repeal under the Congressional Review Act if Republicans choose to act on their promises to overturn them. There is uncertainty about whether Republicans will prioritize this effort or allow the regulations to stand for political reasons. The CFPB's aggressive stance is rooted in a belief that the public generally supports consumer protections, which may dissuade Republicans from taking action against them.