CFPB PUBLISHES REPORT ON MEDICAL CREDIT CARDS, HINTING AT MORE ATTENTION IN THE FUTURE

On May 4, the Consumer Financial Protection Bureau (“CFPB”) published a report on medical credit cards and installment loans, highlighting the Bureau’s continued interest in the effect of medical debt on consumers. See our ALERTS of Feb. 15, 2022 and March 22, 2022. The report briefly details the history of medical credit cards and loans and highlights the problems and consumer risks the CFPB believes to be inherent in such specialty financing products, such as the expanded uses of medical credit cards and “confusing” product structures and advertising. Read More