Consumerfinancemonitor.com
CO and NY enact laws to prevent reporting of medical …
WEBColorado and New York are not waiting for the Fair Credit Reporting Act rulemaking to eliminate creditor use of medical debt announced by the CFPB in September 2023. As we previously blogged, in the past two years, Equifax, Experian, and TransUnion have made significant changes with respect to medical debt collections by removing …
Actived: 6 days ago
CFPB, jointly with Dept. of Health and Human Services …
WEBIn advance of a hearing scheduled for tomorrow on medical billing and collections in which the focus will be medical payment products such as medical credit cards and installment loans, the CFPB, jointly with the U.S. Department of Health and Human Services (HHS) and U.S. Department of Treasury (Treasury), has issued a …
CFPB highlights changes in VA medical debt credit …
WEBIn a blog post, the CFPB reported that the Department of Veterans Affairs (VA) has announced a change to when it will report information on outstanding medical bills to consumer reporting companies.. Under the new VA rule, the VA will only report medical debt that meets all of the following standards: The VA has exhausted all other debt …
CFPB to host hearing on medical billing and collections
WEBThe CFPB announced that on July 11, 2023 it will host a hearing on medical billing and collections, with a focus on medical payment products, such as medical credit cards and installment loans. In addition to Director Chopra, the hearing will include agency officials from the White House, the U.S. Department of Health and Human Services, and …
RFI Industry Commenters Urge CFPB to Stay in its Lane on …
WEBThe Consumer Financial Services Group is nationally recognized for its guidance in structuring and documenting new consumer financial services products, its experience with the full range of federal and state consumer credit laws throughout the country, and its skill in litigation defense and avoidance, including pioneering work in pre …
CFPB issues report on medical debt Consumer Finance …
WEBA new CFPB report titled “Medical Debt Burden in the United States,” takes aim at medical debt collections, with the CFPB indicating that it intends to “[d]etermine whether policies should be implemented to eliminate unpaid medical billing data on credit reports altogether.” The CFPB found that as of 2021, medical debt was the most …
This week's podcast episode: Using financial technology …
WEBSaverLife is a national non-profit sponsored by some of the nation’s leading financial institutions that uses financial technology to improve the financial health of low- to-moderate income consumers by incentivizing savings through prizes, rewards, expert resources, and gameplay.
Arizonans Approve Decrease to Maximum Interest Rate …
WEBWith 72% voting in favor, Arizonans approved Proposition 209 decreasing the maximum lawful annual interest rate on “medical debt” from 10% to 3%, and increasing the amount of the homestead and other exemptions. These changes, which are effective immediately following certification of the vote and issuance of a proclamation by the …
New requirements for collection of medical debt in Washington …
WEBEffective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt. Substitute House Bill 1531, signed into law by Washington Governor Jay Inslee on April 30, amended the state’s debt collection law that requires debt collectors to be licensed by adding certain substantive requirements …
CFPB enters into consent order with third-party collector of …
WEBThe 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 information about consumers to consumer reporting agencies (CRAs), to resolve Commonwealth’s alleged violations …
Acting Comptroller Hsu calls for new rules and enforcement to …
WEBIn remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality through overdraft programs by earning $15.5 billion in overdraft fees in 2019 that “are being paid by those customers …
D.C. emergency and temporary legislation limiting collection …
WEBDuring D.C.’s declared State of Public Health Emergency, several financial protections have been put in place, including some that severely limit, among other things, collection activities relating to consumer contracts, …
New California laws place limits on GAP insurance
WEBTwo recently-passed bills in California, Assembly Bill 2311 (“AB 2311”) and Senate Bill 1311 (”SB 1311”), were signed into law by Governor Gavin Newsom on September 13 and September 27, respectively, placing new restrictions on the sale of Guaranteed Asset Protection (“GAP”) waivers in California. The new laws limit the price …
House Financial Committee to hold Dec. 5 hearing on financial
WEBHouse Financial Committee to hold Dec. 5 hearing on financial innovation. Tomorrow, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing entitled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial …
DOJ, CFPB and HUD officials outline priorities at industry fair …
WEBAt an industry fair lending conference last week, officials from the U.S. Department of Justice (“DOJ”), the CFPB, and the U.S. Department of Housing and Urban Development (“HUD”) outlined fair lending priorities for their agencies.
HUD Issues 2023 Update to Housing Equity Action Plan
WEBThe U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan.The Equity Action Plan is part of HUD’s efforts to implement President Biden’s Executive Order on “Advancing Racial Equity and Support for Underserved Communities Through the …
Banking and Non-Banking Industries Voice Concern Over Basel III …
WEBOn September 18, 2023, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly published and sought comments on a proposal to implement new, standardized capital requirements that would, among other things, increase capital requirements for banks with $100 billion or more in total assets.
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