In the Press
June 14, 2023

CFPB Reports Highlight Medical Financing And Billing Risks (Law360)

On May 4, the Consumer Financial Protection Bureau issued a report titled Medical Credit Cards and Financing Plans that summarized the new developments in medical financing and the associated risks with these products. And on May 30, the CFPB published a report titled Medical Billing and Collections Among Older Americans highlighting the challenges older Americans face with respect to medical billing. Both reports are a reflection of the CFPB's continued attention to medical billing and the medical financing industry, which has included reports relating to the impact of financial collections on consumer credit reports for Americans with lower incomes and compliance bulletins relating to the accurate reporting of medical debt given data integrity issues surrounding medical debt. Christina Hennecken and CC Jiao explain more in Law360.