ABA Response to the Interagency RFI on Medical Payment Products

To whom it may concern:

The American Bankers Association (ABA) appreciates the opportunity to comment on the Request for Information (RFI) regarding medical payment products, issued jointly by the Consumer Financial Protection Bureau (CFPB), Department of Health and Human Services Centers for Medicare & Medicaid Services (HHS), and Department of the Treasury (Treasury).

I. Summary of the Comment

The ABA recognizes the importance of addressing difficulties consumers may face in paying for healthcare. The interagency RFI seeks comment on subjects that arise from healthcare issues including healthcare costs, error-prone medical billing systems, complex insurance coverage, delays in insurance reimbursement, and heightened risk of nonpayment. These issues can only be addressed through healthcare policy, not financial services policy. However, supporting consumers' access to credit can help support their ability to access care.

The CFPB does not have statutory authority to regulate healthcare, either directly or through financial services providers. The RFI "[B]uilds upon recent work by CFPB, HHS, Treasury, and other Federal agencies to assist consumers with managing health care costs and medical bills, and to protect patients and consumers from paying inaccurate or inflated medical bills." However, 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 can support consumers' access to credit, which in turn can improve access to care for consumers who face difficulties paying for health-related products and services. Consistent with its mandate to "ensure all consumers have access to markets for consumer financial products and services and that . . . they are fair, transparent and competitive," the CFPB should avoid policies that would discourage lending and reduce consumers' credit options.

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.

Download the comment letter to read the full text.