WASHINGTON, D.C. — Bill Hulse, Senior Vice President of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness, issued the following statement today on the Consumer Financial Protection Bureau's (CFPB) Regulation V proposal:
“The CFPB is setting a dangerous precedent by asserting what type of debt is ‘predictive.’ The U.S. Chamber supports expanding – not limiting – information included on credit reports to expand access to credit and to protect consumers from risky loans. The CFPB’s proposed rule would perversely reduce access to credit by blinding lenders and undermining the risk-based pricing system that has been proven to benefit all Americans. Prohibiting banks from using information about medical debt in loan underwriting could put consumers at greater risk of being approved for loans they cannot afford, which is not consumer protection.”
