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 …
- CFPB Will Assess the 2015 HMDA Rule and Not Pursue Other HMDA Rulemakings June 14, 2021In connection with the release of its latest semi-annual regulatory agenda, the CFPB announced that it will assess the October 2015 significant amendments to Regulation C under the Home Mortgage Disclosure Act (HMDA), and that it will not pursue other HMDA rulemakings. The Dodd-Frank Act requires that the CFPB conduct an assessment of each significant rule... […]Richard J. Andreano, Jr.
- Neither Professor Budnitz’s Nor Professor Sovern’s Anti-Arbitration Arguments Should Prompt the CFPB to Reconsider Delving into Arbitration Again June 14, 2021In a recent guest post, Professor Mark Budnitz voiced support for Professor Jeff Sovern’s recent proposal that the CFPB issue a rule barring the use of pre-dispute arbitration agreements unless consumers opt in to them. He claims it is the “only fair method” for contracting with consumers because “consumers cannot know, pre-dispute, which forum is... […]Mark J. Levin
- CFPB Fair Lending Leaders Publish Article Promoting Broader Use of Special Purpose Credit Programs June 14, 2021Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit programs (“SPCPs”) by creditors. The article, entitled “The Use of Special Purpose Credit Programs to Promote Racial and Economic Equity” and... […]Lori J. Sommerfield, Christopher J. Willis and Richard J. Andreano, Jr.
- Afterpay faces putative class action alleging it failed to warn consumers of possible overdraft fees June 14, 2021Afterpay, a buy-now, pay-later company, is facing a putative class action lawsuit in a California federal district court. The complaint alleges that Afterpay misled customers in representing that its services allowed customers to “pay for purchases at a later date, with no interest, no fees, and no hassle” when “there are huge, undisclosed fees and... […]Sarah E. Pruett
- Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions June 14, 2021In March 2021, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.” The Act extends the 36% “all-in”... […]Jason M. Cover
- Petitioners in FAA Preemption Case Receive Support of Industry Groups in Brief filed by Ballard Spahr with Supreme Court June 14, 2021On June 11, the American Bankers Association and the Consumer Bankers Association, represented by Ballard Spahr, filed an amicus brief in support of a petition for certiorari asking the Supreme Court to review the Ninth Circuit’s ruling in HRB Tax Group, Inc. v. Snarr that the Federal Arbitration Act (FAA) does not preempt California’s McGill... […]Alan S. Kaplinsky and Mark J. Levin
- Second Circuit rules debt collector did not violate FDCPA by sending settlement offer without disclosing interest would continue to accrue if consumer did not meet payment deadline June 10, 2021The U.S. Court of Appeals for the Second Circuit has ruled that a debt collector did not violate the Fair Debt Collection Practices Act by sending the plaintiff a settlement offer that did not disclose that his balance could increase due to interest and fees. In Cortez v. Forster & Garbus, LLP, the debt collector... […]Stefanie Jackman
- This week’s podcast: Should the Office of the Comptroller of the Currency (OCC) be abolished? A conversation with special guest Carter Dougherty, financial reform advocate and author of “The Money Trust” newsletter June 10, 2021Mr. Dougherty recently authored an article calling for the OCC’s abolishment and merger into the Federal Deposit Insurance Corp. After reviewing the history of the creation of the OCC and Federal Reserve Banks, we examine and debate Mr. Dougherty’s arguments in support of his position. We also discuss and respond to Mr. Dougherty’s criticism of... […]Barbara S. Mishkin
- Second Circuit orders dismissal for lack of standing of New York DFS lawsuit challenging OCC fintech charter June 7, 2021The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s... […]Jeremy T. Rosenblum
- CA DFPI Commissioner Alavarez reported to be leaving agency June 7, 2021American Banker has reported that Manny Alvarez, Commissioner of the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021. According to the report, Governor Newsom is expected to name Chief Deputy Commissioner Chris Shultz, who is currently second in command at the DFPI, Acting Commissioner. Commissioner Alvarez was recently... […]Anthony C. Kaye