AFSA is pleased that the CFPB has dropped its suit against Credit Acceptance Corporation. From the start, this litigation was a clear example of the CFPB’s attempt to reverse well-settled law and invent new requirements that were contrary to existing statutes and regulations. As AFSA and others pointed out in an amicus brief written by Troutman Pepper Locke:
“The CFPB has overreached from its inception, taking unsupported legal positions, and retroactively changing rules applicable to providers of consumer financial services.”
The filing also noted that the legal theories asserted by the Bureau conflict with properly enacted statutes and regulations and go beyond the CFPB’s authority. Furthermore, the filing notes, the CFPB’s action does not allege any actual fraud or consumer harm.
AFSA President-elect Celia Winslow added, “Continued pursuit of this action would have limited the availability of auto financing and deprived those most in need of financing from being able to acquire the cars they need to get to school and work.”
AFSA is pleased that the CFPB has dropped its suit against Credit Acceptance Corporation. From the start, this litigation was a clear example of the CFPB’s attempt to reverse well-settled law and invent new requirements that were contrary
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Today, AFSA sent a letter to Reps. Andy Barr (R-KY) and Vicente Gonzalez (D-TX) in support of HR 1653 – the “Civil Investigative Demand Reform Act” (CID Reform Act).
Under the previous CFPB Director, the Bureau severely… Read the rest
This week AFSA and other financial trade groups signed on to a letter in support of H.R.1777, the “Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act.”
Introduced by Reps. Cliff Bentz (R-OR)… Read the rest
AFSA appreciates the decision by the Consumer Financial Protection Bureau to suspend enforcement of the Payday, Vehicle Title, and Certain High-Cost Installment Loans regulation, specifically related to the payment withdrawal provisions… Read the rest
This week, AFSA along with other financial associations, sent a letter urging the FDIC to withdraw its proposed rule that will negatively impact current ILC institutions and discourage future applications.
In July 2024 the FDIC announced… Read the rest
The American Financial Services Association joined other leading financial-services trade groups in sending a letter to Reps. Alexandria Ocasio-Cortez (D-NY) and Anna Paulina Luna (R-FL) opposing their legislation that would impose… Read the rest
The Washington Post recently made waves when its owner announced that the paper’s opinion section would focus on issues related to personal liberties and the free market. Which raises the question: why a full-throated – and inaccurate – defense
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Consumer finance companies’ assessments of the current and prospective business environment improved significantly in Fourth Quarter 2024 according to the results of AFSA’s latest Consumer Credit Conditions Index Survey (C3 Survey).… Read the rest
On Friday evening, a day after Russell Vought was confirmed as Director of the Office of Management and Budget, President Trump named him acting director of the Consumer Financial Protection Bureau.
AFSA congratulates Director Vought on… Read the rest
Today, President Trump announced that on January 31 he appointed Secretary of the Treasury Scott Bessent as acting director of the CFPB. As one of his first actions as acting director, Secretary Bessent ordered that the CFPB will:
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