Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

As Biden nears exit, US bans medical debt from credit reports

admin by admin
January 7, 2025
in Economy
0
As Biden nears exit, US bans medical debt from credit reports
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

(Reuters) – President Joe Biden’s outgoing administration announced on Tuesday a ban on medical debt in American consumers’ credit reports, making good on a campaign year pledge less than two weeks before leaving office.

Officials said the new regulation, adopted despite objections from the banking and consumer data industries, would remove $49 billion in medical bills from the credit reports of about 15 million Americans.

The announcement from the U.S. Consumer Financial Protection Bureau came despite demands from Congressional Republicans that Biden’s financial regulators stop issuing new rules as President-elect Donald Trump prepares to take office on Jan. 20, running the risk that Trump or conservative lawmakers may seek to reverse it.

In a statement, Vice President Kamala Harris, who championed the initial policy proposal in June, said the move would be “life-changing for millions of families.”

“No one should be denied economic opportunity because they got sick or experienced a medical emergency,” Harris said.

According to the CFPB, medical debt provides little indication of whether a borrower is likely to repay a loan and the change should result in an additional 22,000 low-cost mortgages per year and rising credit scores.

The new rule will also prohibit lenders from considering medical information in making lending decisions and help prevent debt collectors from seeking to coerce consumers into paying erroneous medical debts they do not actually owe, the agency said in a statement.

The change was endorsed by the American Medical (TASE:PMCN) Association.

Trade groups representing banks and credit bureaus said the evidence did not support the CFPB’s decision, and the ban could leave them blind to important information about the risk financial institutions face from borrowers.

The American Bankers Association said that could mean banks offer fewer loans.

This post appeared first on investing.com

Previous Post

Euro area inflation aligns with forecasts, Deutsche sees more cuts from ECB

Next Post

India forecasts 2024/25 economic growth at 6.4% – government statement

admin

admin

Next Post
India forecasts 2024/25 economic growth at 6.4% – government statement

India forecasts 2024/25 economic growth at 6.4% – government statement

Trending News

Trump Media (DJT) grants stock to FBI nominee Kash Patel, Trump Jr., and more—see the full list

Trump Media (DJT) grants stock to FBI nominee Kash Patel, Trump Jr., and more—see the full list

February 1, 2025
Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.39%

Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.39%

January 20, 2025
Canary Capital Files for Trump Coin ETF

Canary Capital Files for Trump Coin ETF

August 26, 2025
Subscribe to Insightful Word


    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025
    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    August 28, 2025
    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    August 28, 2025

    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025

    Latest News

    • Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in
    • SentinelOne stock price forecast ahead of earnings: buy or sell?
    • Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.