House lawmakers and the Trump administration are planning to bring forward a series of reforms later this year to address banker issues with the Consumer Financial Protection Bureau and rules on small-business lending data collection and open banking, House Financial Services Committee Chairman French Hill (R-Ark.) said today.
The CFPB has been without a full-time director since President Trump fired former Director Rohit Chopra shortly after taking office. The administration has also laid off most of the bureau’s staff and sought to freeze funding for the agency, although two courts have since ruled that the bureau must be funded.
Speaking at a Consumer Bankers Association event in San Deigo, Hill acknowledged there are many questions about the future of the CFPB. Those questions include the fate of the Section 1071 rule on small-business lending data collection and the Section 1033 rule on data access, he said.
While Hill didn’t provide specifics, he said both the House and the administration plan to move forward with proposals to address those concerns in the coming months.
“I think you will see us, this year, bring out a series of reforms in the House that answer some of those questions,” Hill said. “And I think you will see the Trump administration in the middle part of this year also make progress on a new 1071 rule for small business and a new 1033 rule.”
