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Regulatory Agenda › Financial Regulatory Reform › Medical Debt

Ballard Spahr LLP

Financial Services Committee Republicans call on CFPB to withdraw rules, guidance

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Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more

Sheppard Mullin Richter & Hampton LLP

GOP Senators Moving to Invoke the Congressional Review Act Over Biden-Era Rules

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The CFPB is facing pushback from the U.S. Senate over two final rules issued under the Biden administration: one expanding oversight of nonbank digital payment providers and another limiting the reporting of medical debt....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

Ballard Spahr LLP

Chopra Delivers Testimony to Congress on Semi-Annual Report

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On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

Troutman Pepper Locke

CFPB Proposed Rule Banning Reporting of Medical Debt

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On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would...more

Troutman Pepper Locke

CFPB Backs Connecticut and California Bills to Prohibit Medical Debt Reporting

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Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted letters to senators in Connecticut and California supporting their proposals to prohibit medical debt reporting....more

Troutman Pepper Locke

Minnesota House Passes Key Provisions of Debt Fairness Act

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On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its...more

Troutman Pepper Locke

NYC Department of Consumer and Worker Protection Proposes Amendments to Debt Collection Rules

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New York City’s Department of Consumer and Worker Protection (NYC DCWP) recently released a notice of proposed amendments to its debt collection rules. The proposed amendments are detailed, lengthy, and include expanded...more

Troutman Pepper Locke

House Introduces Bill To Amend FDCPA To Set A Two-Year Limitation Before Collecting On Medical Debts

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The U.S. House of Representatives has introduced a bill, H.R. 1773, that seeks to amend the Fair Debt Collection Practices Act (FDCPA). The proposed amendment would include a two-year bar on the collection of medical debts...more

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