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 critics seek issuance of 2018 Student Loan Ombudsman annual report December 13, 2018
    The CFPB is facing criticism for not yet having issued the 2018 annual report of its Student Loan Ombudsman.  The 2017 annual report was issued in October 2017 and, like previous reports, included student loan complaint data and a discussion of such data. The Dodd-Frank Act requires the Ombudsman to prepare an annual report “that... […]
    John L. Culhane, Jr.
  • This week’s podcast: update on OCC fintech charter December 13, 2018
    The OCC’s decision to issue special purpose national bank (or fintech) charters has sparked renewed litigation.  In this episode, we review the charter’s potential benefits and drawbacks, provide a litigation update and examine its possible impact on charter applicants, and flag issues for potential applicants.  We also look at fintech charter alternatives, including full-service and... […]
    Barbara S. Mishkin
  • DOJ agrees CFPB is unconstitutional but opposes grant of certiorari in State National Bank of Big Spring case December 13, 2018
    Despite agreeing on the merits with State National Bank of Big Spring (SNB) and the other petitioners for certiorari that the CFPB’s structure is unconstitutional, the Department of Justice has filed a brief in which it argues that the U.S. Supreme Court should deny the petition.  (The other petitioners are two D.C. area non-profit organizations... […]
    Alan S. Kaplinsky
  • CFPB issues annual fair lending report December 13, 2018
    The CFPB has issued a new annual report covering its fair lending activities during 2017.  Since Mick Mulvaney did not become Acting Director until the end of November 2017, the fair lending activities described in the report largely took place under former Director Cordray’s leadership. The Bureau’s last annual fair lending report under former Director... […]
    John L. Culhane, Jr.
  • CFPB announces consent order with State Farm Bank to settle alleged violations related to furnishing consumer report information and obtaining and using consumer reports December 12, 2018
    At the end of last week, the CFPB announced that it had entered into a consent order with State Farm Bank, FSB to settle allegations that the Bank violated the Fair Credit Reporting Act, Regulation V, and the Consumer Financial Protection Act in connection with furnishing information to consumer reporting agencies (CRAs ) and obtaining... […]
    Barbara S. Mishkin
  • Kathy Kraninger’s first day as Director of the BCFP December 11, 2018
    Today was Kathy Kraninger’s first day at the BCFP.  According to her remarks at a press conference this afternoon,  she spent most of her day meeting staff. In answer to questions from the press, she made the following points: She has not yet decided which policies of Acting Director Mick Mulvaney she will change. She... […]
    Alan S. Kaplinsky
  • BCFP proposes revision to no-action letter policy and creation of new product sandbox December 11, 2018
    The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.”  Comments must be received on or before February 11, 2019. Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings. The Bureau observes... […]
    Alan S. Kaplinsky and James Kim
  • CFPB Releases Beta Version of 2018 HMDA Data Platform December 10, 2018
    The CFPB has made available a beta version of its 2018 HMDA data platform. The platform is for the reporting of data collected in 2018 that must be reported in 2019. During the beta period, reporting institutions can test and retest 2018 HMDA data files as often as desired to assess if their Loan Application... […]
    Richard J. Andreano, Jr.
  • CFPB Settles With VA Lender Regarding Claims of Deception December 7, 2018
    The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans for mortgage refinance loans to be guaranteed by the Department of Veterans Affairs (VA). The CFPB asserts that between March... […]
    Richard J. Andreano, Jr.
  • Another Temporary Extension of the Flood Insurance Program December 7, 2018
    As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018 and Congress extended the Program to December 7, 2018. The US House of Representatives and US Senate have once again voted to temporarily extend the Program, this time until December 21, 2018. Perhaps Congress is hoping that someone will... […]
    Richard J. Andreano, Jr.