The National Alliance for Caregiving (NAC) applauds the Consumer Financial Protection Bureau (CFPB) for its decisive action to protect millions of Americans burdened by medical debt. By barring medical debt from credit reports and prohibiting lenders from using medical information in credit decisions, this new rule marks an important step forward in ensuring better financial outcomes for family caregivers and those they support.
“Medical debt is a crushing burden for far too many caregivers, impacting their ability to save for the future and support their families,” says Jason Resendez, CEO and President of NAC. “This new CFPB ruling moves us closer to a future where no family caregiver is forced to choose between providing care for their loved ones and their own financial security.”
Family caregivers are the backbone of our healthcare system, often shouldering tremendous financial strain to provide care. NAC’s advocacy, including public comments through the Act on RAISE Campaign and the Cancer Caregiving Collaborative, has consistently emphasized the urgency of addressing medical debt. This new ruling aligns with Goal 4 of the National Strategy to Support Family Caregivers, which seeks to ensure financial and workplace security for caregivers, enabling them to provide care without jeopardizing their long-term financial health.
While we celebrate this achievement, we remain cautious. Changes in leadership and policy priorities could impact the long-term stability of this new rule. NAC is committed to protecting and advancing these critical protections to ensure that caregivers and families are shielded from the crushing weight of medical debt. Caregiving is a universal experience, and safeguarding caregivers’ financial well-being benefits everyone.
We extend our gratitude to the CFPB and the Biden-Harris administration for considering the experiences of family caregivers in their decision-making process. Thank you to all the organizations who advocated alongside Act on RAISE and the Cancer Caregiving Collaborative to elevate the importance of financial security for family caregivers. Join us in championing this vital progress.
