U.S. Chamber: CFPB Debt Rule Harms Consumers

WASHINGTON, D.C. — U.S. Chamber of Commerce Center for Capital Markets Competitiveness Senior Vice President Bill Hulse issued the following statement today on the Consumer Financial Protection Bureau's (CFPB) final rule on Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V), which would prohibit consumer reporting agencies from including information about medical debt in consumer credit reports. The rule would reduce access to credit by blinding lenders and undermining the risk-based pricing system that has been proven to benefit all Americans. 

 "The CFPB's action will limit the availability of financial products to everyday consumers. Unfortunately, this rule will cut off responsible credit to those who need it most. The U.S. Chamber supports increasing – not limiting – information included on credit reports to expand access to credit and to protect consumers from risky loans. The Chamber will pursue options to prevent this harmful rule from going into effect."