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 …
- CFPB announces significant reorganization prioritizing supervision over enforcement October 29, 2020In an internal memorandum recently circulated at the CFPB, Bryan Schneider, who leads the Bureau’s Division that houses its supervision, enforcement, and fair-lending functions, announced a major internal reorganization. The reorganization would take away the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands. It would also significantly reduce Enforcement’s role in... […]James Kim
- OCC issues final “true lender” rule October 29, 2020The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The final rule, adopted only 54 days after the close of the comment period, is effective 60 days after the date it... […]Jeremy T. Rosenblum and Mindy Harris
- CFPB moves for summary judgment and opposes trade groups’ summary judgment motion in Texas lawsuit challenging CFPB payday loan rule October 29, 2020The CFPB has filed its combined cross-motion for summary judgment and opposition to the plaintiffs’ motion for summary judgment in the lawsuit filed by industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule). The combined motion and opposition follows the filing of an Amended Complaint... […]Jeremy T. Rosenblum
- This week’s podcast: What a blue wave in the November 2020 elections could mean for the consumer financial services industry October 29, 2020We are joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading, for a discussion of the potential implications for the consumer financial services industry should Joe Biden win the Presidency and Democrats win control of the Senate while retaining control of the House. Also participating in our podcast... […]Barbara S. Mishkin
- To fight terrorism, FinCEN and Federal Reserve Board request comment on proposed major expansion of recordkeeping and travel rules for international transfers October 27, 2020Proposed change would expand BSA definition of “money” to include virtual currency. The Financial Crimes Enforcement Network (“FinCEN”) and the Federal Reserve Board (“Board”) have requested comment on an important proposed new rule that would amend the “Recordkeeping Rule” and “Travel Rule” under the Bank Secrecy Act (“BSA”) and expand them significantly. The proposed regulation... […]Peter D. Hardy
- Merchant cash advance providers move to dismiss FTC lawsuit October 27, 2020The defendants in the lawsuit filed by the FTC in August 2020 in a New York federal district court against two merchant cash advance providers and their chief executive officer and president for alleged unfair and deceptive conduct in violation of Section 5 of the FTC Act have filed a motion to dismiss. The FTC... […]Alan S. Kaplinsky
- Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule October 27, 2020On October 25, a Massachusetts federal district court entered a preliminary injunction staying and postponing the effective date of the final rule issued by HUD last month (“2020 Rule”) revising its 2013 Fair Housing Act disparate impact standards (“2013 Rule”). The order also enjoins HUD from enforcing the 2020 Rule and keeps the 2013 Rule... […]Christopher J. Willis and Richard J. Andreano, Jr.
- Massachusetts Attorney General Moves to Dismiss Lawsuit Challenging Its Emergency Debt Collection Regulations October 27, 2020On October 23, 2020, Massachusetts Attorney General Maura Healey filed a motion to dismiss in ACA International v. Maura Healey based on mootness. The lawsuit challenges the state’s emergency regulations that placed a ban on outbound collection calls. The emergency regulations were promulgated in March 2020, ACA International filed its lawsuit in April 2020, and a... […]Christine Emello
- California’s Check Seller, Bill Payer and Proraters Law Expanded to Require non-California Domiciled Debt Settlement Providers to be Licensed and Comply with Substantive Provisions October 27, 2020Among the suite of consumer protection bills signed into law last month by California Governor Gavin Newsom is AB 2524. The bill, as enacted, is a less-expansive version of an assembly bill that would have created an entirely new and broad system of regulation over debt settlement companies through amendments to the Check Sellers, Bill... […]Elanor A. Mulhern
- California expands translation requirement for consumer contracts October 26, 2020On September 25, 2020, California Governor Gavin Newsom signed several consumer protection bills, including AB 3254, which extends the right to receive a translated version of certain consumer contracts to nonparty signatories, such as guarantors or cosigners. Under existing law, a business negotiating a covered contract in Spanish, Chinese, Tagalog, Vietnamese, or Korean (the five... […]Daniel C. Fanaselle