New York Governor Kathy Hochul has signed  NY S 1353B into law, and AFSA’s State Government Affairs team have received the final, official chapter amendment. The bill, as originally presented to the governor, raised significant concerns for AFSA members. Over the past months, AFSA SGA sent a letter to the governor’s office in September outlining the bill’s far‑reaching implications […]

AFSA’s State Government Affairs team recently submitted a comment letter on California’s Department of Financial Protection and Innovation Debt Collection Licensing Act. AFSA and the California Financial Services Association (CFSA) provided comments to the Department of Financial Protection and Innovation (DFPI) regarding the proposed scope rule under the Debt Collection Licensing Act. While appreciating steps toward clarification, we remain primarily concerned […]

A recent working paper issued by the Federal Reserve Bank of New York, Less for You, More for Me: Credit Reallocation and Rationing Under Usury Limits, delves into the age old question of the efficacy of usury limits, i.e., interest rate caps. The study focuses on three states (South Dakota, North Dakota, and Illinois) that implemented […]