April 2025Transmittal 530
Effective: 4/1/2025
Consumer and Community Affairs
CFPB’s Regulation
V
The Consumer Financial Protection Bureau (CFPB) issued
a final rule amending Regulation V, which implements the Fair Credit
Reporting Act (FCRA), concerning medical information.
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The FCRA prohibits creditors
from considering medical information in credit eligibility determinations.
The CFPB is removing a regulatory exception that had permitted creditors
to obtain and use information on medical debts notwithstanding this
statutory limitation. The final rule also provides that a consumer
reporting agency generally may not furnish to a creditor a consumer
report containing information on medical debt that the creditor is
prohibited from using. The final rule is effective March 17, 2025
(Consumer Financial Protection Bureau, Regulation V) and was published in the Federal Register on January 14, 2025.
