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Republican members of the House Financial Services Committee said the Consumer Financial Protection Bureau’s proposal to remove medical debt from credit reports will make health care more expensive for those who need it most.
Background: The CFPB is proposing to amend Fair Credit Reporting Act regulations by prohibiting creditors from using medical financial information and by limiting the circumstances under which consumer reporting agencies are permitted to provide medical debt information to creditors.
Details: In a letter to CFPB Director Rohit Chopra, the committee members said the proposal would force medical providers to require additional upfront payments and undermine underwriting processes.
ICBA View: ICBA this week told the CFPB that the proposed rule would lead to inaccurate reports and hinder community banks’ ability to comply with other regulations. ICBA has repeatedly opposed efforts that limit the value of credit scores.