Press Releases
NEW: Lawmakers Took Nearly $1 Million From Groups Opposed to CFPB Medical Debt Rule
House Republicans Are Hoping to Block CFPB rule removing $49 billion in medical debt from the credit reports of 15 million Americans
WASHINGTON, DC — Ahead of today’s House Financial Services Subcommittee on Financial Institutions hearing targeting the Consumer Financial Protection Bureau’s work protecting American families from predatory practices, new reporting from government watchdog Accountable.US revealed that during the 2024 election cycle, HFSC Republicans accepted a combined $867,000 from trade groups opposed to the CFPB’s medical debt rule.
The CFPB rule in question helps to tackle the staggering $220 billion Americans owe for care received when sick or injured by removing medical debt from credit reports and preventing debt collectors from abusing the credit reporting system to pressure people to pay invalid bills.
The revelation clouds HFSC Republican’s campaign to block the medical debt rule—a rule that would make it easier for 15 million Americans to buy a home, car, or take out a loan by removing $49 billion in medical debt from their credit scores.
Today’s hearing is a damning admission that Congressional Republicans are taking their cues from industry donors at the expense of everyday Americans. No one accumulates medical debt by choice, so getting sick or injured shouldn’t prevent people from buying a house, car, or taking out a small business loan. Between Republicans’ attacks against Medicaid, Social Security, and now the CFPB’s medical debt rule, they seem to be using every option to raise expenses on millions.”
