ABA: Financial services policy can’t be utilized to craft health care policy

The Consumer Financial Services Bureau does not have statutory authority to control health care, either straight or through monetary providers, and might much better utilize its resources broadening customer access to credit, the American Bankers Association stated today in remarks to the bureau. Earlier this year, the CFPB and the Health and Human Services and Treasury Departments released an ask for info on medical charge card, loans and other monetary items utilized to spend for health care. Among the companies’ mentioned objectives was to check out policy choices they stated would secure customers from damage.

In its remarks, ABA stated HHS and Congress are the suitable bodies to resolve the concerns raised in the demand, which fall directly in the world of health care policy. The customer concerns raised—from increasing health care expenses to error-prone medical billing systems—can just be resolved through health care policy, not monetary services policy, the association kept in mind. There is “no evidence cited that suggests that the availability of credit or other payment products offered by banks create these challenges; but they can help consumers access health-related products and services.”

The CFPB “should avoid policies that would discourage lending and reduce consumers’ credit options,” ABA stated. “Reducing access to these credit products would reduce access to medical care and health-related products for consumers. Instead, the CFPB should pursue policies that promote a variety of fair and responsible options to pay for healthcare-related products and services, permitting consumers to choose the option that meets their needs.”


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