WASHINGTON—Banks, debt collectors, and other companies are arguing the Consumer Financial Protection Bureau lacks the authority to make specific rules governing medical credit cards and other financial products patients use to help pay healthcare bills, according to a new report.
“But healthcare credit cards and other targeted products operate much in the same way as financing products in other sectors, so there’s no need for new rules, trade groups representing banks and debt collection agencies said in comment letters to the CFPB,” Bloomberg Law reported.
Groups Have Warning
Healthcare provider groups also warned that overregulating such products could lead to people postponing necessary but expensive procedures, Bloomberg Law added.
“What’s more, the CFPB doesn’t have the power to bring new regulations for medical payment products, the financial services industry said in its letters,” Bloomberg Law noted.
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