Bill Summary
The joint resolution disapproves a rule proposed by the Bureau of Consumer Financial Protection (CFPB) that pertains to the handling of medical information by creditors and consumer reporting agencies. Specifically, the proposed rule, known as "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)," aims to limit how these entities can use or disclose medical information in credit assessments and reporting. By disapproving this rule, the resolution seeks to prevent the implementation of these protections, potentially allowing creditors and reporting agencies greater latitude in their handling of consumers' medical data, which could impact individuals' credit scores and access to financial services.
Possible Impacts
The joint resolution disapproving the rule concerning the prohibition on creditors and consumer reporting agencies regarding medical information could affect people in several ways. Here are three examples:
1. **Impact on Credit Reports**: If the resolution is enacted, creditors and consumer reporting agencies may have the ability to include medical debt information on credit reports. This could lead to individuals with medical debt facing lower credit scores, which can affect their ability to secure loans, mortgages, or even rental housing.
2. **Increased Financial Stress**: By allowing medical information to be reported, individuals who have incurred medical expenses may experience heightened financial stress and anxiety. The fear of having medical debts affect their creditworthiness could deter them from seeking necessary medical treatment, knowing that it could have long-term financial repercussions.
3. **Discrimination in Lending**: The disapproval of the existing rule may lead to discriminatory practices in lending. Lenders could potentially use medical debt as a factor in their decision-making processes, disproportionately impacting individuals with chronic health conditions or those who have faced significant medical emergencies, thereby exacerbating existing inequalities in access to credit.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 74 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 74
Disapproving the rule submitted by the Bureau of Consumer Financial
Protection relating to ``Prohibition on Creditors and Consumer
Reporting Agencies Concerning Medical Information (Regulation V)''.
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IN THE HOUSE OF REPRESENTATIVES
March 6, 2025
Mr. Norman (for himself, Mr. Barr, Mr. Donalds, Mr. Ogles, Mr. Flood,
Mr. Fitzgerald, Mrs. Wagner, Mr. Lucas, Mr. Huizenga, Mr. Loudermilk,
Mr. Meuser, Mr. Williams of Texas, Mr. Downing, and Mr. Moore of North
Carolina) submitted the following joint resolution; which was referred
to the Committee on Financial Services
_______________________________________________________________________
JOINT RESOLUTION
Disapproving the rule submitted by the Bureau of Consumer Financial
Protection relating to ``Prohibition on Creditors and Consumer
Reporting Agencies Concerning Medical Information (Regulation V)''.
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