News

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

  • CFPB finalizes advisory opinions policy and issues two advisory opinions December 3, 2020
    The CFPB has issued its final Advisory Opinions Policy, which allows stakeholders to request interpretive guidance “to resolve regulatory uncertainty.”  While advisory opinions (AO) may address uncertainty in both statutes and regulations, the Bureau states in the Policy that it “will focus primarily on clarifying ambiguities in its regulations.”  The Policy was accompanied by the... […]
    John L. Culhane, Jr. and James Kim
  • This week’s podcast: The CFPB’s leadership in a Biden Administration: what do we expect? December 3, 2020
    After looking at the differing approaches of the former and current CFPB Directors to using the CFPB’s authorities, we look ahead to how the CFPB’s leadership is expected to change in a Biden Administration.  Topics discussed include how the choice of a new Director will be made (including the impact of the Georgia Senate runoff... […]
    Barbara S. Mishkin
  • Nevada Supreme Court Cabins Statute Eliminating Limitations Period On Deposit Claims Against Banks December 2, 2020
    On November 20, 2020, the Nevada Supreme Court handed banks a significant victory by agreeing with the Defendant bank’s interpretation of a Nevada statute concerning the application of statutes of limitation. In Cantlon v. Wells Fargo Bank, N.A., et al., addressing certified questions from the Bankruptcy Court for the District of Nevada, the Nevada Supreme... […]
    Amy Schwartz and Dick Thomson
  • Federal banking agencies warn of safety and soundness risks in statement encouraging transition from LIBOR as soon as possible December 2, 2020
    On Monday, the FRB, FDIC, and OCC issued a “Statement on LIBOR Transition” that encourages banks to transition away from the London Inter-Bank Offered Rate (LIBOR) as soon as possible, and in any event by December 31, 2021.     The agencies indicate that the LIBOR administrator has announced it will consult on its intention... […]
    John L. Culhane, Jr.
  • CFPB announces additions to executive team December 2, 2020
    On Monday, the CFPB announced the following additions to its executive team: Matthew R. Bettenhausen will serve as Senior Advisor and Counselor to the Director.  Mr. Bettenhausen previously served as an Assistant United States Attorney. Chris Chilbert will serve as the Chief Information Officer in the Bureau’s Operations Division.  Before joining the Bureau, Mr. Chilbert... […]
    Barbara S. Mishkin
  • CFPB issues report on furnishing of actual payment data to consumer reporting agencies November 30, 2020
    The CFPB has issued a report titled “Payment Amount Furnishing & Consumer Reporting” that highlights changes since 2012 in the furnishing of actual payment data to consumer reporting agencies. The report indicates that: Since 2012, the share of auto, student loan, and mortgage tradelines with actual payment data has generally trended upward.  The share of... […]
    John L. Culhane, Jr.
  • Trade groups file opposition to CFPB’s motion for summary judgment in Texas lawsuit challenging CFPB payday loan rule November 30, 2020
    The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and reply to the CFPB’s opposition to the trade groups’ motion for summary judgment.  The combined motion follows the filing of an Amended... […]
    Alan S. Kaplinsky
  • Ballard Spahr launches national tracking services for financial institutions November 30, 2020
    For our financial services clients interested in monitoring important federal and state legal developments, Ballard Spahr has launched a comprehensive, national tracking service designed to serve the needs of specific segments of the consumer financial services industry. Beginning January 2, 2021, Ballard is pleased to offer three new federal and state trackers, which are available... […]
    Barbara S. Mishkin
  • FTC files lawsuit against distributor of mobile banking application for alleged false misrepresentations concerning access to funds and interest rates November 24, 2020
    In a complaint filed in the U.S. District Court for the Northern District of California, the FTC alleges that a company that distributes a mobile banking application (App) and its founder who is the company’s sole officer have engaged in deceptive practices in violation of Section 5 of the FTC by making misrepresentations regarding consumers’... […]
    John L. Culhane, Jr.
  • OCC issues proposed rule on fair access to financial services November 24, 2020
    The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  Comments on the proposal are due by January 4, 2021. The rule would apply to national banks and federal savings associations with a market position that allows them... […]
    Alan S. Kaplinsky