As the medical debt collections landscape continues to change, more healthcare regulations may be on the horizon. On July 6, 2023, the Consumer Financial Protection Bureau (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.
CFPB Director Rohit Chopra, along with White House Representatives, the U.S. Department of Health and Human Services (HHS), and the U.S. Department of the Treasury, will provide remarks during the healthcare regulation hearing. Community organizations, advocates and members of the public are also able to attend the hearing, which will be available in person and via live stream. If you are interested in attending, you can register at the CFPB website.
We recommend registering for the live stream at the CFPB website. It is important to understand how hearings like this can lead to changes that impact the work you do.
In an ACA article, it was mentioned that the CFPB announced a pre-rule to the Fair Credit Reporting Act (FCRA). They also announced a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel related to proposed rules for credit reporting.
It has been previously mentioned in regard to the FCRA rulemaking that the CFPB does not have jurisdictional authority over many issues related to medical debt. They actually have limited authority under the FCRA to engage in rulemaking in this area.
Like many of you, Americollect is watching to see if this will add more healthcare regulations to medical debt collections. With the April 2023 announcement by Equifax, Experian and TransUnion that medical debt under $500 will be removed from credit reports, along with the delay in medical debt reporting from six months to one year, this could lead to more regulations in the future that could affect your ability to receive payments.
We will continue to monitor any changes in healthcare regulations that come from this hearing.