With Medical Debt Burdening Millions, a Financial Regulator Steps In to Help

President Obama established the Consumer Financial Protection Bureau in 2010 to prioritize consumer protection over the interests of big banks. The CFPB has shifted its focus to addressing medical debt issues, penalizing collectors, warning providers, and developing rules to remove medical debt from credit reports. This move has faced opposition from collectors and legal challenges. The agency aims to protect patients from the financial impact of medical bills, which often contain inaccuracies and errors. While critics argue for addressing healthcare costs directly, CFPB Director Chopra emphasizes the agency’s role in protecting patients who cannot afford their medical bills.

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