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

  • FHFA, HUD, VA, and USDA extend eviction moratoria August 3, 2021
    The Centers for Disease Control and Prevention’s (CDC) eviction moratorium expired on July 31, 2021.  Meanwhile, at President Biden’s request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of the U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), U.S. Department of Treasury, and U.S. Department of... […]
    Richard J. Andreano, Jr.
  • Texas federal court requests briefing on compliance date for payment provisions in payday loan rule August 2, 2021
    The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) has entered an order directing the parties to files briefs regarding a compliance date for the 2017 Rule’s payment provisions.  The order states that the court requests the additional briefing... […]
    Jeremy T. Rosenblum and Jason M. Cover
  • Friday afternoon surprise: CFPB announces final debt collection rule will be effective November 30 August 2, 2021
    To the surprise of the debt collection industry, the CFPB announced this past Friday afternoon that its final debt collection rule (Parts I and II) will take effect on November 30, 2021 as originally scheduled. Many in the industry were expecting the CFPB to extend the effective date to January 29, 2022, consistent with its... […]
    Stefanie Jackman
  • New York federal court dismisses six class action cases alleging FDCPA violations in reliance on Hunstein July 29, 2021
    A New York federal district court has dismissed for lack of Article III standing six class action cases alleging that debt collectors violated the FDCPA by sharing data about the plaintiffs’ debts with mailing vendors.  In making these claims, the plaintiffs relied on the Eleventh Circuit’s ruling in Hunstein v. Preferred Collection and Management Services... […]
    Stefanie Jackman
  • This week’s podcast: The CFPB’s Summer 2021 Supervisory Highlights: A close look at deposit, auto servicing, and payday lending issues July 29, 2021
    We discuss the practices found to be unlawful by CFPB examiners in the areas of deposits, auto servicing, and payday lending, identify practical takeaways for avoiding criticism by the “new CFPB,” and share our thoughts on what the findings signal for future scrutiny in these areas by the “new CFPB.” Ballard Spahr Senior Counsel Alan... […]
    Barbara S. Mishkin
  • Nevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loans July 29, 2021
    A new Nevada law that becomes effective on October 1, 2021 requires translated documents to be provided to consumers by businesses that advertise and negotiate transactions covered by the law in a language other than English (or allow their agents or employees to advertise and negotiate in a language other than English).  A knowing violation... […]
    Joel E. Tasca and Christopher J. Willis
  • CFPB warns consumers of risks of buy-now-pay-later credit July 29, 2021
    In a blog post published earlier this month, the CFPB warns consumers of the risks of buy-now-pay-later (BNPL) credit.  The blog post was likely triggered by the spike in the use of BNPL during the COVID-19 pandemic referenced in the blog post. In explaining how BNPL works, the CFPB indicates that when making a purchase... […]
    Jason M. Cover
  • CFPB files motion to lift stay of payment provisions in payday loan rule July 27, 2021
    The CFPB has filed a motion to lift the stay of the compliance date for the payment provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule). In May 2018, the Texas federal district court hearing the lawsuit filed by two trade groups challenging the 2017 Rule entered an order staying the lawsuit. ... […]
    Jason M. Cover and Jeremy T. Rosenblum
  • Maryland federal court dismisses putative class action alleged age-related discrimination by landlords based on targeted Facebook advertisements July 27, 2021
    A Maryland federal district court has dismissed a putative class action lawsuit filed against nine companies that manage apartment buildings in the Washington, D.C. area by a 55-year old prospective tenant who alleged the defendants engaged in unlawful “‘digital housing discrimination’” by routinely and intentionally excluding older people from receiving Facebook advertisements for their apartment... […]
    Christopher J. Willis
  • Senate Banking Committee to hold July 29 hearing on 36% national rate cap July 27, 2021
    On Thursday, July 29, the Senate Banking Committee will hold a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone.” The scheduled witnesses for the first panel are Republican Congressman Glenn Grothman and Democratic Congressman Jesús G. “Chuy” García.  The scheduled witness for the second panel are:... […]
    Ronald K. Vaske