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

  • Department of Defense Proposes Data Sharing Arrangement with Department of Education to Identify Service Members Eligible for 0% Interest on Federal Student Loans April 23, 2019
    A Federal Register entry published last week details a proposed data-sharing arrangement between the Department of Defense (DoD) and the Department of Education (DoE) designed to reduce the amount of interest that certain active duty service members pay on federal student loans. In 2008, Congress amended the Higher Education Act to provide for the removal... […]
    Jeremy C. Sairsingh
  • FDIC and Duke University announce fintech research conference April 22, 2019
    This Wednesday April 24th, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host a conference titled “Fintech and the Future of Banking” in Arlington, Virginia. The FDIC describes the catalyst for the event as the belief that “at the intersection of research and experience lies... […]
    Brian Slagle
  • New HUD Requirements for Down Payment Assistance Provided by Government Entities April 22, 2019
    On April 18, 2019 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2019-06 setting forth new documentation requirements for down payment assistance provided by government entities to be used in connection with Federal Housing Administration (FHA) insured mortgage loans. Significantly, the new requirements are effective for case numbers assigned on or... […]
    Richard J. Andreano, Jr.
  • CFPB announces symposia series April 18, 2019
    The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.”  Director Kraninger revealed the Bureau’s plans to hold the symposia series in her remarks yesterday to the Bipartisan Policy Council. The announcement indicates that the series is intended to assist the Bureau in its policy... […]
    Barbara S. Mishkin
  • This week’s podcast: A close look at the CFPB’s mortgage loan servicing exam findings in Winter 2018 Supervisory Highlights April 18, 2019
    Mortgage servicing continues to be a CFPB supervisory focus.  In this week’s podcast, we take a close look at the CFPB’s findings involving late fees, PMI cancellation requests, handling of loss mitigation applications, and notices to successors of deceased reverse mortgage borrowers regarding  foreclosure avoidance, share observations on what the findings indicate about the CPPB’s... […]
    Barbara S. Mishkin
  • PLI 24th Annual Consumer Financial Services Institute, Chicago session – 25% discount available April 18, 2019
    The second presentation of PLI’s 24th Annual Consumer Financial Services Institute will take place in Chicago on May 20-21, 2019.  The Institute is considered the country’s premier consumer financial services CLE program and this year’s Institute will once again explore in detail important developments in consumer financial services regulation and litigation.  I am again co-chairing... […]
    Alan S. Kaplinsky
  • CFPB Issues 2018 Consumer Response Annual Report April 17, 2019
    The CFPB has issued its Consumer Response Annual Report, which analyzes the approximately 329,800 complaints received by the CFPB between January 1 and December 31, 2018. The Report details the trends in consumer complaints across various categories and provides information about the CFPB’s process for handling complaints. Of the 329,800 complaints received in 2018, the CFPB... […]
    Lindsay C. Demaree
  • Kraninger outlines approach to CFPB authority in Bipartisan Policy Center remarks April 17, 2019
    In remarks today at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB.  While consistent with her recent testimony to House and Senate committees, her BPC remarks provide a more detailed view of the approach she plans to take in wielding the... […]
    Barbara S. Mishkin
  • OMB guidance on CRA compliance imposes new rule review process on independent agencies April 15, 2019
    A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.  The new process will take effect on... […]
    Barbara S. Mishkin
  • FTC permanently bans payment processor for violating 2009 order requiring monitoring of merchant clients April 15, 2019
    A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices.  The order is a stark... […]
    Barbara S. Mishkin