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Samantha: Hello, this is Samantha Shares.

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This episode covers the C F P B's new
rule on medical debt and credit reporting.

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The following is an audio version
of the C F P B's announcement.

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This podcast is educational
and is not legal advice.

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We are sponsored by Credit Union
Exam Solutions Incorporated, whose

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team has over two hundred and
forty years of National Credit

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Union Administration experience.

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We assist our clients with N C
U A so they save time and money.

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If you are worried about a recent,
upcoming or in process N C U A

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examination, reach out to learn how they
can assist at Mark Treichel DOT COM.

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Also check out our other podcast called
With Flying Colors where we provide tips

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on how to achieve success with N C U A.

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And now the announcement:

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Today, the Consumer Financial
Protection Bureau announced a final

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rule that will remove approximately
forty-nine billion dollars in medical

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bills from the credit reports of
about fifteen million Americans.

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The C F P B's action will ban
the inclusion of medical bills on

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credit reports used by lenders and
prohibit lenders from using medical

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information in their lending decisions.

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Director Rohit Chopra expressed
that people who get sick shouldn't

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have their financial future upended.

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The rule will close a special
carveout that previously allowed debt

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collectors to use the credit reporting
system to coerce people into paying

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medical bills they may not even owe.

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The C F P B's research has shown
that a medical bill on someone's

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credit report poorly predicts
whether they will repay a loan.

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With this new rule, approximately
twenty-two thousand additional, affordable

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mortgages could be approved yearly.

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Americans with medical debt on
their credit reports could see

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their credit scores rise by
an average of twenty points.

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This follows changes made by Equifax,
Experian, and TransUnion, who previously

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announced they would remove certain
medical debts from credit reports.

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The rule becomes effective sixty days
after publication in the Federal Register.

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This concludes the announcement.

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If your Credit union could use assistance
with your exam, reach out to Mark Treichel

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on LinkedIn, or at mark Treichel dot com.

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This is Samantha Shares and
we Thank you for listening.