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Debt Collection Consumer Financial Protection Bureau (CFPB) Credit Reports

Wiley Rein LLP

Wiley Consumer Protection Download (September 17, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...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

Goodwin

CFPB Proposes Rule to Ban Medical Debt from Credit Reports

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Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA), as to medical information and debt. This proposed rule...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

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

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

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Rule to Transform Credit Reporting Practices on Medical Debt

On June 11, the CFPB announced a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act, to alter the treatment of medical debts in credit reporting. The rule proposes to remove medical bills from...more

Troutman Pepper

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

Orrick, Herrington & Sutcliffe LLP

Connecticut becomes latest state to ban medical debts in credit reporting

On May 9, the Governor of Connecticut approved SB 395 (the “Act”) banning health care providers from reporting medical debt to credit rating agencies. Further, the Act will prohibit hospitals and collection agents from...more

Troutman Pepper

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

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

Orrick, Herrington & Sutcliffe LLP

CFPB supports Connecticut’s bill to ban medical debt on credit reports

On April 15, the CFPB released a letter written by Brian Shearer, the Assistant Director within the Office of Policy Planning and Strategy, throwing the Bureau’s support behind Connecticut’s new bill to bar medical debt on...more

Troutman Pepper

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

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Ballard Spahr LLP

CFPB enters into consent order with third-party collector of medical debts to resolve alleged FCRA and FDCPA violations

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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

Brownstein Hyatt Farber Schreck

CFPB Seeks to Fundamentally Alter the Credit Reporting Process and Use of Public Data

On Sept. 21, 2023, the Consumer Financial Protection Bureau (CFPB) officially announced it is considering a rulemaking to address several consumer reporting topics under the Fair Credit Reporting Act (FCRA). Under the process...more

Troutman Pepper

Big Tech in the CFPB’s Crosshairs: Bureau Proposes to Supervise Larger Technology Companies Offering Digital Wallets and Payment...

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On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining “larger participants” the CFPB supervises by adding a new section to...more

Fox Rothschild LLP

The CFPB Considers Rules to Remove Medical Debt from Credit Reports: What does this Mean for Medical and Dental Providers?

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Last month, the Consumer Financial Protection Bureau (CFPB) kicked off a rulemaking process that, if enacted, would reshape the credit reporting and debt collection landscape and could have a detrimental effect on medical and...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 #2

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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

Sheppard Mullin Richter & Hampton LLP

CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers

On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports. The CFPB also published an Outline...more

Cooley LLP

Latest CFPB Supervisory Highlights Identify Novel Violations Across Host of Financial Products and Services

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On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more

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