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

  • CA Governor signs laws setting Financing Law rate cap, automatic deposit account exemption from levy October 14, 2019
    Last week, California Governor Newsom signed into law AB 539, which makes significant amendments to the California Financing Law (CFL), and SB 616, which creates a new exemption from levy for deposit account funds. The Governor signed AB 539 on October 10.  Most importantly, the CFL amendments limit the rate of interest that may be... […]
    Alan S. Kaplinsky
  • California AG releases proposed CCPA regulations October 14, 2019
    The California Attorney General’s Office released its long-awaited proposed CCPA regulations last week.  The proposed regulations are 24 pages long, and address a number of important technical compliance issues including how businesses should: provide just in time notice to consumers of personal information collected; provide notice to consumers of the right to opt out of the sale of personal... […]
    Kim Phan and Philip N. Yannella
  • All American Check Cashing and CFPB submit letter briefs to Fifth Circuit October 14, 2019
    All American Check Cashing and the CFPB have submitted letter briefs to the Fifth Circuit regarding what action the court should take in light of the en banc Fifth Circuit’s decision in Collins v. Mnuchin that held the FHFA’s structure is unconstitutional. In March 2019, a Fifth Circuit panel heard oral argument in All American’s... […]
    Alan S. Kaplinsky
  • Ballard/Venminder sponsor podcast on vendor management risk October 14, 2019
    Ballard Spahr is proud to partner with Venminder, Inc. in sponsoring a podcast on vendor management risk issues.  The podcast features Glen Trudel, a partner in Ballard Spahr’s Consumer Financial Services Group, and Branan Cooper, Venminder’s Chief Risk Officer. The podcast showcases Glen’s perspectives on the likelihood of CFPB, FTC, FDIC and OCC regulatory developments... […]
    Barbara S. Mishkin
  • NYDFS creates Student Debt Advisory Board October 14, 2019
    The New York Department of Financial Services (NYDFS) has announced the creation of a Student Debt Advisory Board to advise on consumer protection, student financial products or services, and communities that have been significantly impacted by student debt.  The announcement was made on October 9 to coincide with the effective date of Banking Law Article... […]
    John L. Culhane, Jr.
  • CFPB to establish taskforce on federal consumer financial law October 14, 2019
    The CFPB announced this past Friday that it will establish a taskforce, the Taskforce on Federal Consumer Financial Law, to examine ways to harmonize and modernize federal consumer financial laws. The taskforce will examine the existing legal and regulatory environment facing consumers and financial services providers and make recommendations to the Bureau’s leadership for improving... […]
    Alan S. Kaplinsky
  • CFPB issues Spring 2019 semi-annual report; Director Kraninger to appear before House Financial Services Committee on Oct. 16 and Senate Banking Committee on Oct. 17 October 14, 2019
    CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019. The report represents the CFPB’s second semi-annual report under Director Kraninger’s leadership.  Like the first semi-annual report issued under her leadership, and in contrast to those issued under Mr. Cordray’s leadership, the new report does... […]
    Barbara S. Mishkin
  • Democratic Senators send letter to new CFPB student loan ombudsman setting expectations October 11, 2019
    Democratic Senators Sherrod Brown and Patty Murray have sent a letter to Robert Cameron, the CFPB’s new Private Education Loan Ombudsman, in which they set forth their expectations for the Ombudsman’s Office.  The Bureau announced Mr. Cameron’s appointment as Ombudsman in August 2019.  He replaced Seth Frotman, who has been a vocal critic of the... […]
    John L. Culhane, Jr.
  • Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans October 10, 2019
    A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter” scheme to make loans at interest rates that were usurious under state law. According to the complaint, Kabbage entered into... […]
    Alan S. Kaplinsky and Mark J. Levin
  • Senate Banking Committee to hold Oct. 17 hearing on CFPB’s semi-annual report October 10, 2019
    The Senate Banking Committee will hold a hearing on October 17, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which the witness will be Director Kraninger. The CFPB’s most recent semi-annual report covers the period October 1, 2018 through March 31, 2019.  The hearing will be webcast live. Continue Reading…
    Alan S. Kaplinsky