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McHenry Statement on CFPB’s Proposal to Upend American Credit and Health Care Systems
Proposed rule would reduce access to affordable credit, impair accuracy and completeness of credit reports
Washington,
June 11, 2024 -
Today, House Financial Services Committee Chairman Patrick McHenry (NC-10) issued the following statement after the Consumer Financial Protection Bureau released a notice of proposed rulemaking that would prevent the consideration of medical debt when constructing credit reports:
“Director Chopra is once again acting as a political arm of the White House, rather than as an independent regulator,” said Chairman McHenry. “This proposed rule will severely impair the accuracy and completeness of credit reports—raising the cost and reducing the availability of credit for all Americans. The CFPB pursuing a full prohibition of medical debt on credit reports will have a negative impact on our credit and health care systems. It is badly misguided to remove consequences for consumers who do not pay a debt by wiping out an entire category of debt from credit reports. The CFPB’s regulatory overreach will harm the very consumers the agency was created to protect.”
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