The latest company news and industry insights from Access Capital Services. Topics include accounts receivable management, auto finance receivables, medical debt, financial services, government debt.

RSS Consumer Finance Monitor

  • OCC small-dollar lending bulletin: one step forward but one step back? May 24, 2018
    The OCC has issued a bulletin (2018-14) setting forth core lending principles and policies and practices for short-term, small-dollar installment lending by national banks, federal savings banks, and federal branches and agencies of foreign banks. In issuing the bulletin, the OCC stated that it “encourages banks to offer responsible short-term, small-dollar installment loans, typically two... […]
    Jeremy T. Rosenblum
  • New Jersey Attorney General seeks active role in ED investigations May 23, 2018
    The New Jersey Attorney General, Gurbir Grewal, has sent a letter to Department of Education Secretary Betsy Devos in which the NJ AG invites the ED to work with his office “to ensure that any investigations of fraudulent activities by educational institutions are completed properly, rather than ended prematurely or allowed to grow dormant.” The... […]
    John L. Culhane, Jr.
  • President Trump signs joint resolution disapproving CFPB Bulletin concerning discretionary pricing by auto dealers May 22, 2018
    Yesterday afternoon, President Trump signed into law S.J. Res. 57, the joint resolution under the Congressional Review Act (CRA) that disapproves the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.”  The General Accountability Office had determined that the Bulletin, which set forth the CFPB’s disparate impact theory of... […]
    Alan S. Kaplinsky and Christopher J. Willis
  • Maryland enacts law establishing Student Loan Ombudsman and significantly amends other consumer financial services statutes May 21, 2018
    On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various duties related to that position. Maryland SB 1068, titled the Financial Consumer Protection Act of 2018, represents a scaled... […]
    Jeremy C. Sairsingh
  • Democratic Senators urge CFPB to continue public disclosure of complaint data May 21, 2018
    A group of 35 Democratic Senators have sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information. In remarks last month at an American Bankers Association conference, CFPB Acting Director Mick Mulvaney is reported to have strongly criticized the CFPB’s policy of publicly disclosing consumer... […]
    Barbara S. Mishkin
  • A reply to Professor Sovern May 21, 2018
    As readers of this blog already know, Professor Jeff Sovern and I come at most issues from different sides of the street.  Over the years, through our respective blogs and at various programs, we have engaged in spirited but respectful debate about many consumer finance issues.  For that reason, I was particularly disappointed to read... […]
    Alan S. Kaplinsky
  • Federal regulators’ Spring 2018 rulemaking agendas: items of interest to consumer financial services providers May 17, 2018
    In addition to the CFPB’s Spring 2018 rulemaking agenda that we have already blogged about, the Spring 2018 rulemaking agendas of several other federal agencies contain some items of interest to consumer financial services providers. Items of particular interest are: OCC.  The OCC plans to issue an Advance Notice of Proposed Rulemaking “for modernizing the... […]
    Barbara S. Mishkin
  • Deadline expires for CRA resolution to override CFPB payday lending rule May 17, 2018
    The 60-day period during which the Senate could pass a resolution under the Congressional Review Act disapproving the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) with only a simple majority appears to have expired yesterday.  Although the Senate’s failure to pass a CRA resolution is disappointing because the CRA would have provided the... […]
    Alan S. Kaplinsky
  • FTC approves appointment of Andrew Smith to head Bureau of Consumer Protection May 17, 2018
    I was pleased to see the announcement yesterday afternoon by FTC Chairman Joseph Simons that the FTC has approved the appointment of Andrew Smith to serve as Director of the agency’s Bureau of Consumer Protection, beginning next week. As I indicated in my prior blog post, I have known Andrew for many years going back... […]
    Alan S. Kaplinsky
  • FCC seeking comments on TCPA issues in light of D. C. Circuit ACA International decision May 17, 2018
    The FCC has issued a notice announcing that it is seeking comments on several TCPA issues following the D. C. Circuit’s decision in ACA International v. FCC.  Comments are due by June 13, 2018 and reply comments are due by June 28, 2018. The FCC’s notice follows the filing of a petition by several industry... […]
    Daniel JT McKenna