Consumer Finance Monitor Podcast Episode: Should Medical Debt Be Included in Creditworthiness Measures?
Keeping Up With the Bureau Episode 3: Evolving Federal and State Requirements for Furnishers and Users of Consumer Reports - The Consumer Finance Podcast
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
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
On June 11, the CFPB released a proposed rule to ban obtaining or using medical information for credit eligibility determinations. Specifically, the proposed rule would amend the FCRA to remove the medical financial...more
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit,...more
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
Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more
The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more
On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. This...more
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
The Consumer Financial Protection Bureau (CFPB) is currently considering a rulemaking to address various consumer reporting topics under the Fair Credit Reporting Act (FCRA) and has released an Outline of Proposals and...more
A New Student Loan Company is Now Taking Over the Accounts of Public Servants Seeking Debt Cancellation "This also comes as borrowers have 4 months left to apply for extended student-loan relief." Why this is important:...more
On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the...more
A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the...more