The CFPB said the new rule will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans.

Officials said the new regulation, adopted despite objections from the banking and consumer data industries, would remove $49 billion in medical bills from the credit reports of about 15 million Americans.

Before Joe Biden and Kamala Harris‘ administration leaves office and makes way for President-elect Donald Trump, they have announced that they are removing $49 billion in medical debt from 15 million Americans’ credit reports as a new federal rule blocks credit agencies from reporting unpaid medical bills;