The CFPB and state regulators and legislators have medical debt in their crosshairs. In this episode, we’re joined by Chris Eastman, CEO of the Pendrick Group, a Cerberus portfolio company that specializes in financial services solutions for healthcare companies. We discuss the differences between medical debt and other types of debt, as well as how states have been regulating medical debt including the collection of medical debt.… Continue Reading
creditworthiness
Maryland Revises Evaluation Rules and Offers Alternative Methods of Determining Creditworthiness
By Ballard CFS Group on
Maryland has enacted legislation that revises the rules of determining creditworthiness. On May 30, 2021, Maryland Governor Lawrence J. Hogan (R) signed HB1213 into law, which adds to Maryland Code Ann. Financial Institutions (FI) § 1-212.
Effective October 1, 2021, certain financial institutions (banking institutions, credit unions, savings and loan associations, community development financial institutions, and certain credit grantors) must adhere to the rules concerning evaluations of applications under federal law, specifically 12 C.F.R.… Continue Reading