A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".
Sen. Rounds Leads Republican Push to Overturn CFPB Rule Banning Medical Debt From Credit Reports
This bill is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions or votes have been scheduled at this time.
Legislative Progress
This is a partisan effort to stop a new consumer protection rule. While it has strong support from Republicans, it would likely need a change in the White House to become law.
Key Points
Impact Analysis
Personal Impact
Life & Work
Medical debt on credit reports can lower credit scores enough to block people from qualifying for a mortgage or push them into higher interest rates. The CFPB rule would have removed this barrier. If this resolution passes, people trying to buy homes while carrying medical debt will continue to face these obstacles.
Disabilities
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
6 articles
Congressional resolution would overturn CFPB medical debt rule
Sen. Mike Rounds (R-S.D.) introduced a resolution to overturn a Consumer Financial Protection Bureau rule removing medical debt and medical bills from credit reports. The rule also prohibits lenders from considering medical information when making lending decisions.
GOP lawmakers seek to repeal CFPB medical debt rule
Sen. Mike Rounds, R-S.D., on Wednesday filed a resolution to repeal a rule issued by the Consumer Financial Protection Bureau that would forbid medical bills from appearing on consumer credit reports. Rounds filed the resolution under the Congressional Review Act.
GOP Aims to Repeal CFPB Medical Debt Credit Report Ban
Republican lawmakers are moving to eliminate a Biden-era Consumer Financial Protection Bureau rule barring medical debt from appearing on consumer credit reports. Sen. Mike Rounds and Rep. Ralph Norman introduced legislation that would use the Congressional Review Act to repeal the rule.
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".
Data Sources
Sponsor
Cosponsors
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