News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Medical Expenses

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Guidelines for Medical Debt Collection

On October 1, the CFPB issued an advisory opinion highlighting that debt collectors engaging in certain practices with respect to the collection of medical debts are strictly liable under the FDCPA and Regulation F....more

Orrick, Herrington & Sutcliffe LLP

CFPB releases report on costs of HSAs

On May 1, the CFPB released a report on health savings accounts (HSAs). The CFPB reported that consumers owned 36 million HSAs in 2023, and these HSAs held over $116 billion in assets – a 500 percent increase over the past...more

Troutman Pepper

CFPB Continues Medical Expenses Scrutiny by Highlighting the Costs of Health Savings Accounts

Troutman Pepper on

The Consumer Financial Protection Bureau (CFPB) recently released an Issue Spotlight highlighting the costs and fees associated with Health Savings Accounts (HSAs). While acknowledging that HSAs offer tax advantages that can...more

Orrick, Herrington & Sutcliffe LLP

CFPB examines high-cost financings that cover medical expenses

On May 4, the CFPB released a report examining high-cost alternative financing products targeted to patients as a way to cover medical expenses. Products offered by a growing number of financial institutions and fintech...more

Goodwin

CFPB Releases Report on Medical Debt and Consumer Credit Scores

Goodwin on

The CFPB’s Office of Research released a report showing findings that medical debt that goes into collections and shows up on credit reports may result in over-penalization with regard to consumer credit scores. The study...more

Ballard Spahr LLP

CFPB issues report on how medical debt impacts credit scores

Ballard Spahr LLP on

According to a report issued yesterday by the CFPB entitled “Data point: Medical debt and credit scores,” credit scoring models may be overly penalizing consumers with medical debts that go into collection by producing credit...more

Ballard Spahr LLP

Senate hearing on debt industry focuses on documentation and medical debts

Ballard Spahr LLP on

Collection documentation and medical debts proved to be the focus of much of yesterday’s Senate Banking Committee hearing on the debt industry. The witnesses were Corey Stone, CFPB Assistant Director, Office of Deposits,...more

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