Search Results for keywords:"medical information"

Found 2 results

Search Results: keywords:"medical information"

💰 Only
Oldest Newest
  • C1-2024-30824 — Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
    Type:Rule
    Citation:90 FR 8173
    Reading Time:less than a minute

    The Consumer Financial Protection Bureau issued a correction to a previously published rule concerning the use of medical information by creditors and consumer reporting agencies. The correction changes the date mentioned in the DATES section from "March 17, 2024" to "March 17, 2025". This change was necessary to accurately reflect the intended implementation timeline. The correction was made on January 14, 2025.

    Simple Explanation

    The rule about how banks and companies use people's medical information had the start date wrong, so they changed it from 2024 to 2025. This means everyone affected has an extra year to get ready.

  • 2024-30824 — Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
    💰
    Type:Rule
    Citation:90 FR 3276
    Reading Time:about 8 hours

    The Consumer Financial Protection Bureau (CFPB) has finalized a rule that changes Regulation V of the Fair Credit Reporting Act (FCRA) to protect medical information in credit decisions. Previously, there was an exception allowing creditors to use medical debt information when deciding if someone qualifies for credit. With this new rule, creditors cannot use this information unless specific exceptions apply, and consumer reporting agencies are limited in what medical debt information they can share with creditors. This change aims to safeguard consumers' privacy and ensure medical information isn't wrongly used. The rule will become effective on March 17, 2024.

    Simple Explanation

    The Consumer Financial Protection Bureau (CFPB) has made a new rule that stops banks and other companies from checking if someone owes money for medical bills before giving them a loan. This helps keep people's health information private.