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The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes information about consumers to consumer reporting agencies (CRAs), to resolve Commonwealth’s alleged violations of the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). … Continue Reading

In advance of a hearing scheduled for tomorrow on medical billing and collections in which the focus will be medical payment products such as medical credit cards and installment loans, the CFPB, jointly with the U.S. Department of Health and Human Services (HHS) and U.S. Department of Treasury (Treasury), has issued a request for information (RFI) regarding medical payment products. … Continue Reading

Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt.  The amendments become effective on October 1, 2023.

Senate Bill 355 (“SB 355”) permits employees of Installment Loan Company licensees to work from remote locations. … Continue Reading

The 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.  In addition to Director Chopra, the hearing will include agency officials from the White House, the U.S. Department of Health and Human Services, and the U.S.… Continue Reading

The CFPB announced at the end of last week that it had entered into a consent order with Phoenix Financial Services, LLC (Phoenix), a third-party debt collector that collects primarily past-due medical debts and furnishes information to consumer reporting agencies (CRAs), to settle alleged violations by Phoenix of the Fair Credit Reporting Act and its implementing Regulation V, the Fair Debt Collection Practices Act, and the Consumer Financial Protection Act.  … Continue Reading

The CFPB issued a new report, “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting,” that looks at trends in credit reporting of debt in collections from 2018 to 2022.  It also published a new blog post, “Debt collectors re-evaluate medical debt furnishing in light of data integrity issues,” that looks at factors that create challenges for medical collections reporting.… Continue Reading

The CFPB has issued a compliance bulletin and policy guidance on medical debt collection and consumer reporting requirements in connection with the No Surprises Act.

The No Surprises Act sets forth requirements that apply to certain individuals who receive care from an out-of-network provider that furnishes emergency services, inpatient services an in-network facility, or air ambulance services. … Continue Reading

Effective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt.

Substitute House Bill 1531, signed into law by Washington Governor Jay Inslee on April 30, amended the state’s debt collection law that requires debt collectors to be licensed by adding certain substantive requirements along with a definition of “medical debt.” … Continue Reading

The CFPB has announced that it will hold a field hearing on medical debt collection in Oklahoma City, OK on December 11.  The hearing will include remarks from Director Cordray and testimony from consumer groups, industry representatives, and members of the public.

The CFPB has previously flagged medical debt collection as an area of concern. … Continue Reading