Current Industry News
House plans May vote to repeal auto-lending guidance
The House is aiming to vote to repeal the controversial Consumer Financial Protection Bureau (CFPB) policy on auto-loan financing during the week of May 7. Aides to House Majority Leader Kevin McCarthy (R-Calif.) laid out that plan while discussing the House agenda at a breakfast in Washington this week, according to a source in attendance,.
A Nebraska federal district court held that collection agencies may seek pre-judgment interest and attorney’s fees for in-house counsel on unpaid medical bills.
The U.S. District Court for the District of Nebraska ruled in favor of the accounts receivable management industry April 20 in the case of Robinson v. Accelerated Receivables Solutions (A.R.S.), Inc. and David W. Brostrom, 17-00056, 2018 WL ——- (D.Neb. April 19, 2018). The key issues in Robinson were:
Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices
WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Wells Fargo Bank, N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC). As described in the consent order, the Bureau found that Wells Fargo violated the Consumer Financial Protection Act (CFPA) in the way it administered a mandatory insurance program related to its auto loans.