The Consumer Financial Protection Bureau (CFPB) proposed a rule that would prohibit credit reporting agencies from sharing medical debts with lenders. Additionally, the proposed rule would prevent financial institutions from making lending decisions based on medical information.
The rule would also ban lenders from accepting medical devices as collateral for loans and from repossessing medical devices if borrowers cannot repay their loans.
In March 2024, the CFPB submitted a letter of support for Senate Bill 1061, which similarly aims to prohibit the inclusion of medical bills on consumer reports.
The Leagues remain vigilant regarding the CFPB’s proposal and SB 1061. For more information, contact Lisa Quaranta, Vice President of Regulatory Advocacy.
Read more on the CFPB’s proposed rule.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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