Scott on CFPB’s Medical Debt Rule
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.) released the following statement on the Consumer Financial Protection Bureau’s final rule on medical debt:
“With just days left in the Biden administration, CFPB Director Chopra is pressing forward in his pursuit of headlines and political talking points over sound policy decisions. Medical debt is a serious challenge for many Americans, but the CFPB’s final rule will do nothing to address the underlying issues. Instead, the rule will reduce access to credit and important health care services while putting lenders and medical providers at risk. I look forward to working with the next CFPB Director to undo the damage caused by the Biden administration’s policies, and to find real solutions to support families across the country.”
BACKGROUND:
On November 17th, Scott sent a letter to the White House calling on the Biden administration’s financial and housing regulators to cease all rulemaking activity and for President Biden to withdraw nominations before the committee.
At a Senate Banking Committee hearing in December, Scott called out Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for ignoring his demands to pause rulemaking and pressing forward with an aggressive agenda – even after prudential regulators agreed to shelve proposals and final rules before President Trump’s inauguration.
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