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

  • Democratic lawmakers seek information about reorganization of CFPB Office of Fair Lending February 21, 2018
    A group of Democratic Senators and House members have sent a letter to Mick Mulvaney and Leandra English expressing concern about Mr. Mulvaney’s announcement that he plans to reorganize the CFPB’s Office of Fair Lending (OFLEO). Earlier this month, Mr. Mulvaney announced that he plans to transfer the OFLEO from the Supervision, Enforcement, and Fair... […]
    Barbara S. Mishkin
  • Education Dept. seeks comment on factors used to evaluate student loan discharge claims in bankruptcy cases February 21, 2018
    The Department of Education has published a request for information in today’s Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to discharge student loans through adversary proceedings in bankruptcy court.  Responses to the RFI must be received by May 22, 2018. Under the... […]
    John L. Culhane, Jr.
  • New HMDA Guide Issued by the FFIEC February 21, 2018
    The Federal Financial Institutions Examination Council (FFIEC) has just issued an updated version of The Guide to HMDA Reporting: Getting It Right! The Guide reflects the extensive changes to the Home Mortgage Disclosure Act rules that were adopted in October 2015 and became effective January 1, 2018.  Until now, the most recent version of the... […]
    Richard J. Andreano, Jr.
  • State AGs urge SCOTUS to review Ninth Circuit cy pres class action settlement decision; DOJ to step up CAFA class action settlement review February 20, 2018
    A bipartisan group of 16 state attorneys general has filed an amicus brief in support of a petition for certiorari asking the U.S. Supreme Court to review a Ninth Circuit decision upholding the district court’s approval of a class action cy pres settlement.  The petition was filed by objectors to the settlement. Cy pres typically... […]
    Barbara S. Mishkin
  • D.C. releases revised Bill of Rights for student loan borrowers February 20, 2018
    The District of Columbia Department of Insurance, Securities, and Banking (DISB) has released for comment a revised “Student Loan Borrower’s Bill of Rights.”  The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act), which became effective February 18, 2017, directed the DISB to draft the Bill of Rights.  (In... […]
    John L. Culhane, Jr.
  • New York Attorney General Expresses Support for Student Loan Servicing Legislation February 16, 2018
    Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been emerging in state legislatures across the country over the past two years. The letter provides express support... […]
    Jeremy C. Sairsingh
  • House Passes Bill to Amend TRID Rule Disclosures February 15, 2018
    On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171.  The bill would amend the manner in which title insurance premiums are disclosed under the TILA/RESPA Integrated Disclosure (TRID) rule. Under title insurance price structures in many states, when... […]
    Richard J. Andreano, Jr.
  • House passes “Madden fix” bill February 15, 2018
    By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”)  In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that... […]
    Alan S. Kaplinsky
  • CFPB seeks comment on its supervision program February 15, 2018
    The CFPB has issued a request for information that seeks comment on its supervision program.  Comments on the RFI must be received by May 21, 2018.  (Unlike the CFPB’s three prior RFIs described below which have 60-day comment periods, the new RFI has a 90-day comment period.) The new RFI represents the fourth in a... […]
    Alan S. Kaplinsky
  • CFPB FY 2018-2022 strategic plan reflects Mulvaney’s new approach February 15, 2018
    The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting Director. In his message introducing the strategic plan, Mr. Mulvaney stated: If there is one way to summarize the strategic changes occurring at the... […]
    Barbara S. Mishkin