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

  • HUD says “no” to DACA recipients June 13, 2019
    For some time the mortgage industry, without success, has asked the US Department of Housing and Urban Development to provide a clear answer to the question of whether Deferred Action for Childhood Arrival (DACA) recipients are eligible for FHA loans.  HUD finally provided a clear answer in responding to an inquiry from Representative Pete Aguilar... […]
    Richard J. Andreano, Jr.
  • This week’s podcast: Using artificial intelligence for consumer finance: a look at the opportunities and challenges June 13, 2019
    In this podcast, we discuss the opportunities and challenges created by the use of AI models in consumer financial services, including the benefits of explainable AI and its implications for the consumer financial services industry, especially for applications where understanding the model’s reasons for returning a score or decision are necessary. Click here to listen... […]
    Barbara S. Mishkin
  • CFPB provides highlights of first six months under Director Kraninger’s leadership June 13, 2019
    To mark the first six months of Kathy Kraninger’s tenure as CFPB Director, the CFPB issued a press release providing highlights of the Bureau’s activities during that period. The activities highlighted are those in the areas of consumer financial education, supervision, enforcement, and rulemaking.  The takeaway from the press release is that the Bureau continues... […]
    Alan S. Kaplinsky
  • Democratic Senators seek information about discrimination by lenders using algorithms June 12, 2019
    Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes may be engaging in unlawful discrimination.  (Such algorithms are often referred to as “artificial intelligence.”) In their letter, the Senators reference research results... […]
    Barbara S. Mishkin
  • CFPB to hold June 25 symposium on abusive acts or practices June 12, 2019
    Having announced in April 2018 that it would be holding a symposia series, the CFPB has now set a date for the first symposium of the series.  The first symposium, to be held on June 25, 2019, will focus on the Dodd-Frank Act’s prohibition of abusive acts or practices, specifically the meaning of abusiveness.  It... […]
    Barbara S. Mishkin
  • FTC rescinds FCRA model forms and disclosures June 11, 2019
    The Federal Trade Commission (“FTC”) recently rescinded several Model Forms and Disclosures associated with the Fair Credit Reporting Act (“FCRA”), determining they are no longer necessary, given that the CFPB has issued its own model forms and disclosures.  The FTC forms that have been rescinded and the corresponding CFPB forms that now apply are as... […]
    Stacy H. Rubin
  • Utah’s new regulatory sandbox June 11, 2019
    Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in March 2018, and Wyoming, which enacted sandbox legislation in February of this year. Regulatory sandboxes are laboratories for the development of innovative... […]
    Anthony C. Kaye
  • Ballard Spahr critiques CFPB payday loan rule’s payment provisions June 11, 2019
    Last month, Ballard Spahr submitted two letters to the CFPB, critiquing the payment provisions of the CFPB’s final payday/auto title/high-rate installment loan rule (the “Payment Provisions”).  Last Friday, the Bureau delayed the implementation date of the rule’s mandatory underwriting provisions by 15 months, to November 19, 2020.  However, the Payment Provisions are scheduled to go into... […]
    Jeremy T. Rosenblum
  • FTC provides 2018 enforcement report to CFPB June 11, 2019
    The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act).  Under Dodd-Frank, the FTC retained its authority to enforce these regulations with respect to entities subject to... […]
    Barbara S. Mishkin
  • Civil rights groups question CFPB oversight of student loan market June 11, 2019
    Several civil rights groups have sent a letter to Director Kraninger questioning whether the CFPB is engaging in the oversight of the student loan market that they believe is necessary to “root out potentially discriminatory practices.”  In particular, the groups suggest that access to income-driven repayment programs is being provided “in an unequal way, with... […]
    John L. Culhane, Jr.