This week, the House Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences, which sought to explore the interaction and economic impact of federal banking agencies’ recent regulatory proposals. AFSA submitted a letter detailing its grave concerns regarding the Consumer Financial Protection Bureau’s use of its Policy Statement on Abusive Acts and Practices.
The letter highlighted the very broad and amebous parameters that might be considered abusive to the Bureau. Among many others, these include “negative consumer outcomes,” arbitration, customer support taking too long, complicated products, and anything a consumer deems abusive.
The CFPB claims it doesn’t matter if the business in question causes a consumer’s lack of understanding through untruthful statements or if the consumer simply claims not to understand. Either is abusive.
The letter goes on to note that the policy statement is just the latest and clearest example of regulatory overreach. Read more about AFSA’s stance in this blog post.
This week, the House Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences, which sought to explore the interaction and economic… Read the rest
A bipartisan group of Senators led by Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ), and Cynthia Lummis (R-WY) announced the introduction of a new cannabis-related banking bill today, the Secure and Fair Enforcement Regulation… Read the rest
Alfa Announces Free Scope 3 Emissions Reporting
Alfa Systems
Alfa, the makers of Alfa Systems – the first-choice software platform for providers of asset finance, worldwide – has announced new functionality to help its customers
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AFSA joined seven other leading financial services trade associations on a letter to Sen. Josh Hawley (R-MO) expressing concern about the Capping Credit Card Interest Rates Act (S.2760), which would cap credit cards’ APR at 18%.
The letter… Read the rest
How Vehicle Title Release Impacts Auto Retailing Overall
Cox Automotive
Routine title management is anything but: Paper vs electronic and release to third parties for resale, wholesale and insured total loss bring much complexity to loan
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Join us on September 21, 2023 at 2:00 p.m. ET for Local SEO: The Missing Piece To Your Marketing Success, presented by Amsive.
Join Bambi Frazier, Sr. Manager of Local SEO and Content at Amsive, to discuss why inflation rates and interest rates… Read the rest
This week, the Consumer Financial Protection Bureau (CFPB) reached a settlement with a credit repair organization (CRO) conglomerate, which includes payment of $2.7 billion and a 10-year ban on telemarketing activities. The settlement… Read the rest
Last week the 11th Circuit Court released its decision in Milgram v. Chase, for which AFSA submitted an amicus brief. The court ruled in in Chase’s favor.
The plaintiff, as well as the Consumer Financial Protection Bureau (CFPB), argued that… Read the rest
This episode of the Extra Credit Podcast is Part Two of our conversation with, Philip Bohi, VP of Compliance Education and Dr. Adam Gailey, Principal in the Financial Economics Practice at Charles Rivers Associates, on getting your Fair … Read the rest
Beehive State or Beer State?
If you’re joining us in the Beehive State for the 2023 AFSA Annual Meeting and you have a thirst for some hoppy goodness, you’re in luck. Salt Lake City may surprise you with its vibrant craft beer scene. Check… Read the rest
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