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From credit cards to medical debt: What may happen to some key consumer protection rules under Trump

The article from MSN discusses potential changes to consumer protection rules under a second Trump administration. Key points include the possible rollback of regulations on credit card late fees, which could see an increase from the current cap of $8 to potentially $41, as set by the CFPB. This change would revert to a policy from the George W. Bush era. Additionally, there might be alterations to the handling of medical debt, where currently, medical debt under $500 is not reported to credit bureaus, a rule that could be reversed. The article also mentions the potential for changes in regulations concerning overdraft fees, payday lending, and student loan servicing, with a general trend towards deregulation that could benefit financial institutions at the expense of consumer protections. These shifts are part of a broader policy direction that might favor less government oversight in financial sectors, potentially leading to higher costs for consumers and less transparency in financial dealings.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/financial-regulation/from-credit-cards-to-medical-debt-what-may-happen-to-some-key-consumer-protection-rules-under-trump/ar-AA1yTyaR ]