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

  • Finance Industry Seeks to Preliminarily Enjoin CFPB Arbitration Rule October 20, 2017
    In an important development in the federal court lawsuit by industry groups seeking to overturn the CFPB’s arbitration rule, the plaintiffs yesterday filed a motion for a preliminary injunction.  The motion requests entry of an order “that (1) enjoins the 180-day implementation period, which commenced on the date the Rule became effective, so that—if the... […]
    Alan S. Kaplinsky and Mark J. Levin
  • Conference of State Bank Supervisors names fintech advisory panel members October 19, 2017
    The Conference of State Bank Supervisors has released a list of 33 companies that will serve as members of its Fintech Industry Advisory Panel. According to the CSBS, the Advisory Panel’s purpose is “to support state regulators’ increased efforts to engage with financial services companies involved in fintech.”  More specifically, over the next twelve months,... […]
    Scott M. Pearson
  • CFPB Student Loan Ombudsman issues sixth annual report October 19, 2017
    The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection complaints related to private or federal student loans handled by the CFPB between September 1, 2016 and August 31, 2017.  The CFPB... […]
    John L. Culhane, Jr.
  • CFPB releases consumer protection principles for consumer-authorized sharing of financial information October 19, 2017
    The CFPB has released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.”  According to the CFPB, the principles “do not themselves establish binding requirements or obligations relevant to the Bureau’s exercise of its rulemaking, supervisory, or enforcement authority” and “are not... […]
    Kim Phan
  • CFPB Consumer Advisory Board to meet Nov. 2 October 19, 2017
    The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017. The notice states that the Board will discuss “Know Before You Owe: Reverse Mortgages, financial well-being, trends and themes, and payday, vehicle title, and certain high-cost... […]
    Barbara S. Mishkin
  • CFPB provides update on HMDA platform October 18, 2017
    In August 2017, we reported that the CFPB had given the mortgage industry a first look at the Internet-based platform it is developing for industry members to use to submit data under the Home Mortgage Disclosure Act (HMDA). The CFPB recently provided an update on the status of the HMDA portal.  The CFPB advised that... […]
    Richard J. Andreano, Jr.
  • CFPB further updates HMDA Rule guidance materials October 18, 2017
    The CFPB recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1, 2018, and also posted a new guidance item. The CFPB updated the chart entitled Collection and Reporting of HMDA Information about Ethnicity and Race, and... […]
    Richard J. Andreano, Jr.
  • Banking agencies identify key HMDA data fields October 18, 2017
    The federal banking agencies have issued guidance to financial institutions on the key data fields under the revised Home Mortgage Disclosure Act (HMDA) rules that will be used to test and validate the accuracy and reliability of the HMDA data. In October 2015, the CFPB adopted significant changes to the HMDA rules that significantly expanded... […]
    Richard J. Andreano, Jr.
  • Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule October 18, 2017
    Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed.  Both are seeking to persuade Senators who may still be undecided as the deadline for Congressional Review Act action draws closer. The debate began... […]
    Alan S. Kaplinsky and Mark J. Levin
  • CFPB files lawsuit against debt relief companies for alleged misrepresentation of government affiliation October 16, 2017
    Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals  for alleged violations of the Telemarketing Sales Rule and the Consumer Financial Protection Act. According to the CFPB’s complaint, the defendants’ alleged unlawful conduct included the following: Violating the TSR... […]
    Barbara S. Mishkin