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

  • 2020 HMDA Guide Issued February 13, 2020
    The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2020 edition of the Guide to HMDA Reporting: Getting It Right! (2020 Guide). As previously reported, in October 2019 the CFPB issued a Home Mortgage Disclosure Act (HMDA) final rule that: Continues until January 1, 2022 the temporary volume threshold that triggers reporting of open-end,... […]
    Richard J. Andreano, Jr.
  • Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans February 13, 2020
    On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate is expected to also pass the bill. The bill amends Virginia’s general usury... […]
    Alan S. Kaplinsky
  • California AG issues modifications to proposed CCPA Regulations February 13, 2020
    On February 7, 2020, the California Attorney General’s (AG) Office released modifications to the proposed regulations to the California Consumer Privacy Act (CCPA).  The modifications incorporate amendments to the CCPA signed into law after the AG’s Office issued the proposed regulations in October 2019.  The modifications also reflect public comments made during the initial comment... […]
    Kim Phan
  • This week’s podcast: The Veterans and Consumers Fair Credit Act: a discussion with the bill’s drafter February 13, 2020
    The Act, which has been introduced in the House (H.R. 5050) and Senate (S. 2833), would impose a 36% national usury limit on most forms of consumer credit.  We are joined by the bill’s drafter, Professor Chris Peterson of the University of Utah S.J. Quinney College of Law, for a discussion of the rationale for... […]
    Barbara S. Mishkin
  • Appeal Filed From Bankruptcy Court’s Decision Granting Discharge of Student Loan Debt February 12, 2020
    Education Credit Management Corporation (“ECMC”), the guarantor of the student loan debt ruled dischargeable last month by the Chief Judge of the United States Bankruptcy Court for the Southern District of New York, is appealing that decision to the United States District Court for the Southern District of New York. On January 17, ECMC filed... […]
    Elisabeth R. Connell
  • David Silberman resigns from CFPB February 10, 2020
    David Silberman, who has served as the CFPB’s Associate Director for Research, Markets, and Regulations since 2011, announced that he has left the agency to become a part-time senior advisor to both the Center for Responsible Lending and the Financial Solutions Lab of the Financial Health Network and a member of FinRegLab’s group of advisors. ... […]
    Barbara S. Mishkin
  • House to hold hearing on artificial intelligence February 10, 2020
    On February 12, 2020, the House Financial Services Task Force on Artificial Intelligence will hold a hearing titled, “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.” The Committee Memorandum flags a number of issues that could be the focus of comments and questions from lawmakers.  Those issues include the potential for data... […]
    Alan S. Kaplinsky
  • CFPB and Dept. of Education enter into new MOU on handling complaints; Director Kraninger tells lawmakers negotiations are underway for second MOU on supervision February 10, 2020
    Last Monday, the CFPB announced that it had entered into a new Memorandum of Understanding with the Department of Education to replace the MOU that was terminated by the ED effective October 1, 2017.  The new MOU, which is effective as of January 31, 2020, is limited to the handling of student loan complaints.  The... […]
    John L. Culhane, Jr.
  • CFPB to host consumer debt relief event February 10, 2020
    On March 10, 2020, the CFPB will host a day-long event, “Evolutions in Consumer Debt Relief.”  The event will explore options for consumers facing unmanageable unsecured debt and limited credit options.  An agenda or other details are not yet available.   Continue Reading…
    Barbara S. Mishkin
  • CFPB announces proposed consent order with companies alleged to have collected loans void under state law February 6, 2020
    The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think Entities engaged in unfair, deceptive, and abusive acts or practices in connection with their collection of loans that were void... […]
    Alan S. Kaplinsky