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Debt Collection Credit Reports Financial Services Industry

Troutman Pepper Locke

CFPB Will Not Reissue Medical Debt Advisory Opinion

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On July 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a status report announcing its decision not to reissue its Medical Debt Collection Advisory Opinion, which had been issued in 2024 to “remind debt...more

Ballard Spahr LLP

Federal Judge vacates CFPB medical debt rule

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A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports....more

Orrick, Herrington & Sutcliffe LLP

Oregon prohibits reporting medical debt to consumer reporting agencies

On June 23, the Oregon Legislature chaptered SB 605, enacting new restrictions on the reporting of medical debt to consumer reporting agencies. The law prohibits any person from reporting to a consumer reporting agency the...more

Cooley LLP

CFPB Finalizes Rule Curbing Use and Reporting of Medical Debt

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On January 7, 2025, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit, and...more

Husch Blackwell LLP

Mark Your Calendars: 2025 Compliance Dates for Key Consumer and Small Business Financial Services Regulations

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One of the primary challenges with working in the U.S. financial services space is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory...more

McGlinchey Stafford

Litigation Byte (December Edition)

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Delivered in digestible, insightful bites, McGlinchey’s Litigation Byte is a monthly roundup of financial services decisions and cases nationwide that impact your business....more

McGlinchey Stafford

District Court Dismisses FDCPA and FCRA Action Against Community College

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On December 11, 2024, the United States Court for the Eastern District of Pennsylvania Arizona dismissed a pro se litigant’s claims against Montgomery Community College (the College) for, inter alia, alleged violations of the...more

Holland & Knight LLP

Podcast - The CFPB's Effort to Remove Medical Debt from Credit Reports

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In this episode of his "Clearly Conspicuous" podcast series, consumer protection attorney Anthony DiResta discusses the Consumer Financial Protection Bureau's (CFPB) efforts to remove medical debt from credit reports. The...more

Orrick, Herrington & Sutcliffe LLP

California bans medical debt in credit reporting determinations

On September 24, the Governor of California approved SB 1061 (the “Act”), which prohibits consumer credit reporting agencies from including medical debt in consumer credit reports. In addition, a consumer reporting agency may...more

Ballard Spahr LLP

Chopra says CFPB finalizing medical debt rule; agency issues advisory opinion on debt collector practices

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The CFPB is in the process of completing its final rule intended to ban the inclusion of medical debts in credit reports, bureau Director Rohit Chopra said at a White House session intended to focus on practices in the...more

Ballard Spahr LLP

CFPB Blog: Debt collectors who attempt to collect on spouse’s medical bills from a survivor may violate federal law

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The CFPB recently issued a blog post, highlighting debt collection impacts on surviving spouses. In the blog, the CFPB warns that debt collectors who try to collect on a spouse’s medical bills from a survivor, who is not...more

Troutman Pepper Locke

California Enacts New Debt Collection Legislation

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On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of...more

Stotler Hayes Group, LLC

Medical Debt and Bankruptcy: Myths, Realities, and Pathways to Relief

As one of the more toxic topics in the United States political and social realms, healthcare, and the debt associated with it, is always at the tip of most people’s tongue. Whether eagerly waiting to argue for proposed...more

Ballard Spahr LLP

Chopra Defends CFPB’s Medical Debt Proposed Rule

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CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....more

Orrick, Herrington & Sutcliffe LLP

New Jersey bans medical debts in credit reporting

On July 22, the Governor of New Jersey signed into law A 3861 (the “Act), also known as the Louisa Carman Medical Debt Relief Act, which codified the protection of consumers from “predatory medical debt collectors,” including...more

Stotler Hayes Group, LLC

Should Medical Debt Be Excluded from Credit Reports? The CFPB Thinks So

The Consumer Financial Protection Bureau (“CFPB”) is poised to take medical debt off the table for creditors when evaluating a consumer’s eligibility for credit. As it is currently enacted, Regulation V of the Fair Credit...more

Troutman Pepper Locke

The CFPB’s Increased Focus on Medical Financing Products

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Over the course of the last year, the Consumer Financial Protection Bureau (CFPB or Bureau) has increased its scrutiny of medical financing products, such as medical credit cards and installment loans. In July 2023, the CFPB...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

CFPB issues proposal to prohibit use of medical debt information in credit decisions

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The steady drumbeat of steps during Rohit Chopra’s tenure as CFPB Director to call into question the reliability and predictability of medical debt information in credit underwriting reached a crescendo last week with the...more

Troutman Pepper Locke

Illinois Passes Legislation to Ban Reporting of Medical Debt

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On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more

Troutman Pepper Locke

CFPB Issues Findings on Recent Changes in Medical Collections on Consumer Reports

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Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its second report detailing changes in the credit reporting of medical debts made by the three national consumer reporting agencies (CRAs)...more

Troutman Pepper Locke

Resolving FCRA Disputes With e-OSCAR: Insights from Joel Strickland — FCRA Focus Podcast

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In this episode of Troutman Pepper's FCRA Focus podcast, host Kim Phan delves into the topic of dispute resolution through the e-OSCAR system with special guest, Joel Strickland, the director of customer success at e-OSCAR....more

Orrick, Herrington & Sutcliffe LLP

CFPB’s Frotman speaks on medical debt collections and rental financial products

On April 11, the General Counsel of the CFPB, Seth Frotman, delivered a speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, highlighting how the FDCPA and the FCRA cover...more

Troutman Pepper Locke

General Counsel of the CFPB Delivers Remarks Focusing on Medical Collections and Tenant Screening

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In a recent speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, Seth Frotman, General Counsel of the Consumer Financial Protection Bureau (CFPB or Bureau), focused on medical...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

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