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
3
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

European defence stocks plunge as US joins Israel in Iran strikes

European defence stocks plunge as US joins Israel in Iran strikes

June 23, 2025
Is Trump’s tariffs behind Constellation Brands stock slide on Monday?

Is Trump’s tariffs behind Constellation Brands stock slide on Monday?

February 3, 2025
Archer Aviation stock tanks after raising capital: 3 reasons to buy the dip in ACHR

Archer Aviation stock tanks after raising capital: 3 reasons to buy the dip in ACHR

June 14, 2025
Subscribe to Insightful Word


    Recent News

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    June 27, 2025
    Nike shares jump on improved outlook, shift from China; analysts see recovery

    Nike shares jump on improved outlook, shift from China; analysts see recovery

    June 27, 2025
    Dow Futures soar as Wall Street bulls charge toward record highs

    Dow Futures soar as Wall Street bulls charge toward record highs

    June 27, 2025
    Morningstar lifts Netflix target but warns shares remain overvalued

    Morningstar lifts Netflix target but warns shares remain overvalued

    June 27, 2025

    Recent News

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    June 27, 2025
    Nike shares jump on improved outlook, shift from China; analysts see recovery

    Nike shares jump on improved outlook, shift from China; analysts see recovery

    June 27, 2025

    Latest News

    • Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high
    • Nike shares jump on improved outlook, shift from China; analysts see recovery
    • Dow Futures soar as Wall Street bulls charge toward record highs

    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.