Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with the total outstanding amount around $88 billion.
This week, President Biden convened members of his cabinet and other agency heads to talk about actions we can take in a whole-of-government approach to spur competition in our economy.
The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law.
Acting Director Dave Uejio remarks at the University of Minnesota Brustad Talk with Dr. Raymond and her analysis on the growing eviction-driven housing crisis.
Director Kathy Kraninger's remarks on the release of the Taskforce on Federal Consumer Financial Law’s report and recommendations on improving consumer protection.
Director Kathy Kraninger's remarks on small business lending data and research, the accuracy of credit reporting, and the use of alternative credit data at the November 2020 Academic Research Council Meeting.