Dental practices and other eligible small businesses will now be exempt from the jurisdiction of the Consumer Financial Protection Bureau after the full Senate passed an amendment offered by Sen. Olympia Snowe (R-ME), according to an ADA News story.
The ADA and 22 other healthcare provider groups recently asked U.S. Senate backers of financial services reform legislation to exclude their professions from oversight by the proposed Consumer Financial Protection Agency.
In a letter to lawmakers, the groups asked that the bill include language that clearly excludes healthcare practitioners who regularly charge interest on outstanding bills or allow patients to pay in installments from the legislation. Failing to explicitly exclude small healthcare practices could lead to unnecessary costs and increased administrative burdens for practitioners without any benefit to their patients, the groups said.
The amendment will exempt 99.8% of all dental practices and the rest will be exempt through another provision in the bill, the story concludes.
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