The House Financial Services Committee has advanced 10 bills to the full House of Representatives following a June markup hearing. Several of the measures focus on the Fair Credit Reporting Act (FCRA), credit reporting practices, and access to credit. Committee members debated the legislation largely along party lines, with discussions focusing on balancing consumer protections, regulatory oversight, and access to financial services.
Massachusetts Governor Maura Healey has proposed regulations that would stop certain companies in the state from reporting medical debt to consumer credit agencies. The proposal would prohibit licensed medical care providers and debt collectors working for them from reporting medical debt to credit bureaus, intending to help patients avoid long-term financial harm after an unexpected illness or medical emergency.
Washington, D.C., Mayor Muriel Bowser has raised concerns about the City Council’s recently passed medical debt legislation, which would significantly change how medical debt is managed, reported and collected throughout the district. The D.C. City Council unanimously passed the Medical Debt Mitigation Amendment Act of 2025 (Bill 26-438) in June and sent the legislation to the mayor for approval.
The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to work in the United States.
The Federal Trade Commission recently issued a proposed policy statement that could reshape how financial services firms use AI-powered tools. The proposed statement, titled “Proposed Policy Statement Concerning the Suppression of Accuracy in Artificial Intelligence Systems,” puts AI developers on notice that altering AI outputs away from accuracy, even if done to comply with a state law, may constitute consumer deception under Section 5 of the FTC Act.
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