The CFPB Is Coming After Healthcare

The Consumer Financial Protection Bureau (CFPB) has made a name for itself as one of the government agencies most willing to take bold enforcement action. It investigates not only the businesses directly involved in wrongdoing, but also those it perceives to have facilitated that wrongdoing. That is why every organization related to patient payments in the healthcare industry should be concerned about the CFPB’s behavior over the last year.

The CFPB’s Approach

A review of CFPB press releases reveals a general trend in the way it approaches industries. It first studies them—producing reports, participating in conferences, and

2017-02-22T20:23:35+00:00

CFPB Lawsuit Has Major Implications for Credit Cards in Collections

January 5, 2015 | Due to a CFPB lawsuit, Global Payments announced last month that it would no longer permit payments associated with collections to be processed through its network. Though the company had not underwritten collections accounts itself, it had allowed banks to process collections payments over its network, provided that those banks assumed the associated financial risk. In light of the lawsuit, however, Global Payments informed banks that they would face fines of $250,000 per month if they continued processing collections payments over its network.

2017-04-03T19:39:48+00:00