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.
Access Capital Services teams with Coleman & Horowitt, LPP to strengthen collections litigation resourcesFresno, CA – Access Capital Services, Inc. (ACS) has teamed with Coleman & Horowitt, LLP and will be working with …
- This week’s podcast: Federal banking regulators and FinCEN issue new statements on Bank Secrecy Act/Anti-Money Laundering enforcement: a look at highlights September 17, 2020Topics discussed include how the banking regulators and FinCEN will approach the decision whether to take enforcement action against a financial institution (including what BSA/AML program failures typically would (or would not) result in cease and desist orders), how the regulators’ statement differs from 2007 guidance, how the enforcement statements relate to recent updates to... […]Barbara S. Mishkin
- Industry Trade Groups Urge Congress to Extend National Flood Insurance Program September 16, 2020As previously reported, unable to agree on long-term reforms for the National Flood Insurance Program (NFIP), at the end of last year Congress extended the NFIP through September 30, 2020, which is the end of the current federal government fiscal year. With that date looming, in a letter to majority and minority leaders in the... […]Richard J. Andreano, Jr.
- CFPB sues debt collectors and debt buyers for alleged violations of CFPA, FDCPA, and 2015 consent order September 15, 2020Almost five years after entering into an administrative consent order with Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance Capital Corp. (collectively, “Defendants”) to resolve claims relating to the Defendants’ debt collection practices, the CFPB, on September 8, 2020, filed a five count complaint (the “Complaint”) in a California... […]William Rooks
- CA lawsuits challenging OCC and FDIC “Madden fix” rules to be heard by same judge September 14, 2020The two lawsuits filed in federal district court in California by state attorneys general challenging the OCC and FDIC “Madden fix” final rules will both be heard by Judge Jeffrey S. White. Judge White was appointed to the federal bench in 2002 by President George W. Bush. When the lawsuits were filed, the lawsuit against... […]Alan S. Kaplinsky
- CFPB and New York AG allege deceptive and harassing collection efforts in lawsuit against five debt collection companies and four individual owners and managers September 14, 2020Last week the CFPB and New York Attorney General filed a lawsuit against five debt collection companies and four individuals who own and manage the companies. The complaint alleges the defendants used deceptive, harassing, and otherwise improper methods to induce consumers to make payments to them in violation of the Fair Debt Collection Practices Act... […]Bowen "Bo" Ranney
- CFPB Summer 2020 Highlights looks at consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending September 14, 2020The CFPB has released the Summer 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending that were completed between September 2019 and December 2019. Key findings are described below. Consumer reporting. CFPB examiners found: One or... […]John L. Culhane, Jr. and Reid F. Herlihy
- HUD issues final rule revising its FHA disparate impact standards to reflect SCOTUS Inclusive Communities decision; Ballard Spahr to hold Oct. 7 webinar September 11, 2020On September 4, 2020, the Department of Housing and Urban Development (“HUD”) issued a final rule revising its 2013 Fair Housing Act (“FHA”) disparate impact standards (“2013 Rule”) to reflect the U.S. Supreme Court’s 2015 decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., which held that disparate impact claims... […]Lori J. Sommerfield, Christopher J. Willis and Richard J. Andreano, Jr.
- California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank September 10, 2020On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest state-licensed auto title lenders, “is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank.” Coupled with the California... […]Jeremy T. Rosenblum, James Kim and Michael R. Guerrero
- This week’s podcast: The CFPB’s past and current leadership: a report card September 10, 2020We are joined by Prentiss Cox, a University of Minnesota Law School Professor who formerly worked in the MN AG’s office and served on the CFPB’s Consumer Advisory Board. After discussing whether the CFPB’s structure should change in the wake of SCOTUS’s Seila Law decision, we look at the different approaches of the CFPB’s past... […]Barbara S. Mishkin
- California legislature passes bills requiring licensure of debt collectors September 10, 2020As part of California’s recent triad of consumer financial services legislation, including AB-1864, which creates the Department of Financial Protection and Innovation and the California Financial Protection Law, and AB-376, which includes a new Student Loan Borrower Bill of Rights. California is also on the cusp of enacting a law requiring licensure of persons who... […]Christine Emello