Next week, the Consumer Financial Protection Bureau (“CFPB”) will hold a field hearing in Oklahoma City on medical debt collection. Many hospitals, debt collection law firms, and third-party collectors are well aware of consumer claims related to medical debt collection. For hospitals that have historically collected their own debts, the current regulatory and enforcement climate mandates a fresh look at policies and procedures to ensure compliance with applicable laws.
Director Cordray will attend, as well as other leaders, and the hearing will be livestreamed on the CFPB blog. The CFPB has previously indicated that its findings support additional protections for consumers related to medial debt collection. However, students of the CFPB’s powers may recognize the lack of authority the CFPB has over medical providers. It will be interesting to see what the agency has to say about this issue and any increased regulatory focus over medical debt.
Should you have any questions, please contact Spilman.