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 fines bank $10 million for conduct related to bank account garnishments and account agreements May 17, 2022
    The CFPB recently ordered a bank to cancel garnishment fees, review its system for processing garnishment orders, cease using contracts which limit consumer rights, and pay a $10 million penalty to the CFPB’s Civil Penalty Fund.   The garnishment process is a method for creditors to recover amounts that a judgment debtor owes from a... […]
    Michael Gordon, John Sadler, Elliot Johnson and Peng Shao
  • CFPB issues annual fair lending report May 16, 2022
    The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021.  In the report’s discussion of its risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that much of its enforcement and supervision efforts were focused on advancing its priorities of advancing racial and economic equity... […]
    Michael Gordon and John L. Culhane, Jr.
  • Preparing for the Restatement of the Law, Consumer Contracts May 16, 2022
    For a more detailed discussion of the new Restatement, we encourage you to also listen to the episode of the Consumer Finance Monitor Podcast released today with Ballard Spahr’s Alan Kaplinsky (who is on the ALI Board of Advisers to the new Restatement) and special guest Steven Weise from the ALI Council. The American Law... […]
    Brian Turetsky
  • This week’s podcast episode: The American Law Institute’s Restatement of the Law, Consumer Contracts: An introduction for consumer financial services providers, with special guest Steven O. Weise, ALI Council Member May 16, 2022
    With ALI’s members poised to approve the new Restatement, providers need to understand the Restatement’s impact on their consumer agreements, particularly those entered into online.  After reviewing the rationale for the new Restatement and ALI’s approach to developing the rules it contains, we look at the issues covered by each section, such as the rules... […]
    Barbara S. Mishkin
  • Don’t hold your breath, Professor Sovern! May 13, 2022
    In Wednesday’s edition of Consumer Law & Policy Blog, Professor Jeff Sovern laments that during Director Rohit Chopra’s recent testimony before the Senate Banking Committee and the House Financial Services Committee, neither he nor any member of the Committees mentioned “arbitration” as an action item on the CFPB’s agenda. Professor Sovern expresses hope that the... […]
    Alan S. Kaplinsky
  • Treasury Dept. revenue proposals address tax treatment of earned wage access programs May 13, 2022
    A key issue for earned wage access (EWA) programs is whether they constitute “credit” for purposes of federal consumer financial protection laws such as TILA, ECOA, and the CFPA, or under state law.  The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals includes a proposal concerning how EWA programs should be... […]
    Michael R. Guerrero and John L. Culhane, Jr.
  • Senate Banking Subcommittee holds hearing on overdraft fees and their effects on working families May 12, 2022
    Last week, the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection held a hearing entitled “Examining Overdraft Fees and Their Effects on Working Families.”  A recording of the hearing is available here.  After opening statements from Subcommittee Chairman Raphael Warnock (D-GA) and Ranking Member Thom Tillis (R-NC), three witnesses offered testimony and responded... […]
    Brian Turetsky
  • Alvaro Bedoya confirmed as FTC Commissioner  May 12, 2022
    Yesterday, the U.S. Senate confirmed Alvaro Bedoya to serve as an FTC Commissioner   Mr. Bedoya fills the seat on the Commission previously held by CFPB Director Rohit Chopra.  He joins the two other Democratic FTC Commissioners, Lina Khan, Chair of the Commission, and Rebecca Slaughter, thereby ending a 2-2 split and restoring a 3-2... […]
    Alan S. Kaplinsky
  • This week’s podcast episode: CFPB invokes its “dormant authority” to supervise nonbanks that present risks to consumers: What it means for nonbank providers of consumer financial products and services May 12, 2022
    We first review the scope of the CFPB’s supervisory authority granted by Dodd-Frank and the source of its authority to supervise nonbanks that present risks to consumers.  We then discuss how we expect the CFPB to use its risk-based authority, including the types of products it may target and its decision to make public the... […]
    Barbara S. Mishkin
  • Fifth Circuit holds oral argument in trade groups’ challenge to CFPB payday loan rule May 10, 2022
    The Fifth Circuit held  oral argument yesterday in the appeal filed by the trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).  Click here for the recording of the oral argument. The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary... […]
    Alan S. Kaplinsky