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 …
- The preclusive effect of a Congressional override of the CFPB dealer pricing bulletin: we think Professor Levitin’s premise is wrong December 14, 2017As we reported recently, the Government Accountability Office has determined that CFPB Bulletin 2013-02 on dealer pricing in indirect auto finance (“Dealer Pricing Bulletin” or “Bulletin”) is a “rule” subject to review under the Congressional Review Act (“CRA”). We noted that, if Congress chose to disapprove the guidance, it would severely undermine the basis for... […]Alan S. Kaplinsky, Peter N. Cubita and Christopher J. Willis
- Court dismisses NYDFS lawsuit challenging special purpose national bank charter for fintech companies December 13, 2017A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository fintech companies. When the DFS lawsuit was filed, we commented that because the OCC had not yet finalized the licensing process... […]Barbara S. Mishkin
- CUNA supports Mulvaney as Acting CFPB Director in brief filed by Ballard Spahr December 13, 2017On December 12, the Credit Union National Association (“CUNA”) filed an amicus brief in D.C. Federal District Court opposing Leandra English’s motion for a preliminary injunction to block President Trump’s appointee for Acting CFPB Director, Mick Mulvaney, from exercising the powers of that office. The Court has already denied English’s motion for a temporary restraining order. CUNA... […]Alan S. Kaplinsky, Kim Phan and Theodore R. Flo
- DOJ sides with Lucia against the SEC in dispute over whether ALJs are inferior officers December 12, 2017The Supreme Court is considering a cert petition requesting that it hear the Lucia case, which we have blogged about extensively due to its potential impact on the outcome of the PHH case. Significantly, the DOJ recently filed a brief in the case siding against the SEC and with Lucia, who is challenging the constitutionality... […]Theodore R. Flo
- Five amicus briefs in support of Leandra English filed in CFPB Acting Director dispute December 11, 2017Five amicus briefs were filed last Friday in support of the motion for a preliminary injunction filed by Leandra English in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director. Like her unsuccessful motion for a temporary restraining order (TRO), Ms. English’s preliminary... […]Barbara S. Mishkin
- Bipartisan bill to provide “true lender” fix introduced in House December 11, 2017A bipartisan group of five House members introduced a bill (H.R. 4439) last month that is intended to address the so-called “true lender” issue, which creates risk with respect to some loans made by banks with substantial marketing and servicing assistance from nonbank third parties, and then sold shortly after origination. These loans have been... […]Scott M. Pearson
- CFPB Updates TRID Rule Guide to Forms December 8, 2017The Consumer Financial Protection Bureau recently issued an updated version of the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms. The revised Guide incorporates the changes to the TRID rule that were issued in July 2017 and published in the August 11, 2017 Federal Register. Continue Reading…Richard J. Andreano, Jr.
- CFPB indirect auto finance bulletin determined to be a “rule” subject to Congressional review December 7, 2017Congress may have now have the opportunity to disapprove by a simple majority vote the CFPB’s disparate impact theory of assignee liability for so-called dealer “markup” disparities as a result of a determination by the General Accountability Office (GAO) that the CFPB’s Bulletin describing its legal theory is a “rule” subject to override under the... […]Peter N. Cubita and Christopher J. Willis
- English files motion for preliminary injunction, amended complaint in CFPB Acting Director dispute December 7, 2017As required by Judge Kelly’s scheduling order, yesterday afternoon Leandra English filed a motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director. The motion was accompanied by a supporting memorandum. Ms. English also filed a First Amended... […]Alan S. Kaplinsky
- Mulvaney puts hold on CFPB data collection, takes other actions as Acting Director December 6, 2017We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. We also blogged about the CFPB’s withdrawal of its opposition to a motion filed by the defendants in an enforcement action to stay execution... […]Barbara S. Mishkin