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 enters into proposed settlement of lawsuit filed against debt settlement company alleging abusive conduct in violation of CFPA April 16, 2021
    The CFPB announced earlier this week that it has entered into a proposed settlement  of its lawsuit filed in a California federal district court against SettleIt, Inc., a debt settlement company, alleging that the company engaged in abusive acts or practices in violation of the Consumer Financial Protection Act and also violated the Telemarketing Sales... […]
    Christopher J. Willis
  • This week’s podcast: Key current issues of interest to banks, with special guest Richard Hunt, President and CEO of Consumer Bankers Association April 15, 2021
    Mr. Hunt shares his perspective on a range of issues, including how Rohit Chopra, CFPB Director-nominee, is likely to approach his new role, the CFPB’s likely approach to innovation and overdraft rulemaking under Mr. Chopra’s leadership, how banks are engaging with data aggregators, the OCC’s role and expectations for a new Comptroller, the status of... […]
    Barbara S. Mishkin
  • Protection of federal stimulus payments from creditors April 15, 2021
    In the federal government’s ongoing effort to revive the U.S. economy and help people harmed by the economic damage wrought by the coronavirus pandemic, an important detail has gone under-noticed:  the most recent set of federal stimulus payments to individuals are subject to garnishment by creditors.  And this fact is creating legal and operational challenges... […]
    Lori J. Sommerfield and John L. Culhane, Jr.
  • CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial financing April 14, 2021
    The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. SB 1235, codified at CA Financial... […]
    Mark J. Furletti
  • OCC fintech charter expected to receive attention at April 15 House hearing on banking innovation April 13, 2021
    On April 15, 2021, the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions will hold a hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.”  A topic expected to receive attention at the hearing is the OCC’s decision to accept applications for special purpose national bank charters from... […]
    Jeremy T. Rosenblum
  • CFPB issues series of measures impacting mortgage servicers April 12, 2021
    The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry. On March 31st, the CFPB rescinded seven policy statements, including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency. On April 1st, the CFPB... […]
    Reid F. Herlihy
  • CFPB issues blog post on COVID-19 mortgage servicing communication strategies April 12, 2021
    On April 5, 2021, the CFPB issued a blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency.  Noting the CFPB’s recent Compliance Bulletin 2021-02 and Mortgage Servicing Notice of Proposed Rulemaking, the post encourages mortgage servicers to use all available tools to reach affected borrowers.... […]
    Reid F. Herlihy
  • CFPB issues mortgage servicing notice of proposed rulemaking April 12, 2021
    On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”).  With the goal of enhancing protections for impacted borrowers, the Proposed Rule amends aspects of the early intervention requirements (12 C.F.R. § 1024.39), and loss mitigation procedures... […]
    Reid F. Herlihy
  • CFPB issues Compliance Bulletin (2021-02) on supervision and enforcement priorities regarding housing insecurity April 12, 2021
    On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 (the “Bulletin”), warning mortgage servicers to “take all necessary steps now to prevent a wave of avoidable foreclosures this fall.”  The Bulletin and associated press release cite industry data suggesting that around 1.7 million borrowers will exit COVID-related forbearances in September 2021 and the following... […]
    Reid F. Herlihy
  • CFPB rescinds two policy statements affecting mortgage servicers April 12, 2021
    Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic.  The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020).  That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces its... […]
    Reid F. Herlihy