American Financial Services Association - House Committee Explores Way to Expand Banking Services
American Financial Services Association

House Committee Explores Way to Expand Banking Services

Articles by: gmcgurn@afsamail.org

The House Financial Services Committee (FSC) held a hearing earlier this week entitled, “Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System,” to discuss trends in unbanked and underbanked households and proposals to expand the availability of safe and affordable banking and financial services. The FSC specifically examined the following three legislative proposals:

Public Banking Act of 2021: Creates a public banking incubator program that provides funds to new public banks. It would also allow public banks to be members of the Federal Reserve and have access to its payment systems and FDIC deposit insurance. This legislation has limited support and we do not expect it to advance, at least in its current form.

Access to No-Fee Accounts Act: Requires the Federal Reserve to establish no-fee digital transaction accounts available to individuals and small businesses at Federal Reserve member banks and other participating banks and credit unions, as well as U.S. Postal Service (USPS) branches.

Expanding Financial Access for Underserved Communities Act: Allows federal credit unions to apply for expanded membership to include underserved communities and exempts loans made by credit unions to businesses in underserved area from the credit union member business lending cap.

In advance of the hearing, AFSA submitted a letter to the Subcommittee’s Chairman and Ranking Member advocating for traditional installment lenders and vehicle financial companies who offer safe and affordable personals loans. These loans have proven to increase levels of financial inclusion and mobility and serve consumers from all economic backgrounds.

One legislative proposal to expand banking services (as described above), would allow the USPS the authority to offer small-dollar loans to consumers. AFSA strongly believes that the USPS is not equipped to provide consumers the high-quality financial products offered by consumer finance companies.

“Increasing participation in the financial system is critical to keeping individuals from poverty and instability,” AFSA wrote. “As the Subcommittee on Consumer Protection and Financial Institutions discusses several banking related proposals, AFSA and our members are proud to highlight how its members have supported customers’ access to the financial system for over 100 years.”

AFSA will continue to keep our members informed on the latest developments as legislation is considered in Congress.

House Committee Explores Way to Expand Banking Services
Jul 23, 2021

The House Financial Services Committee (FSC) held a hearing earlier this week entitled, “Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System,” to discuss trends in unbanked and underbanked… Read the rest

Changing Consumer Behavior is Stress Testing All Stakeholders’ Business Practices
Mar 09, 2021

The automotive industry has faced its share of obstacles and uncertainty over the last 12 months, from the pandemic itself, the rush to implement digital retailing solutions and accommodating the consumer through new and redefined dealership

Read the rest

The Future of Bill Payments: Speedy, Smooth, and Safe: Test-Driving New and Future Consumer Billing, Payment, and Collection Models
Feb 26, 2021

Join us on March 4 at 2:00 p.m. for The Future of Bill Payments: Speedy, Smooth, and Safe: Test-Driving New and Future Consumer Billing, Payment, and Collection Models, presented by ACI Worldwide.

From luxury SUVs to sporty convertibles,… Read the rest

AFSA Wraps the 2021 Vehicle Finance Conference
Feb 26, 2021

AFSA wrapped up the 2021 Vehicle Finance Conference this afternoon. Day One began with world-renowned futurist, Peter Diamandis. Diamandis’ presentation, “The Future is Faster than You Think,” focused on exponential technological growth,… Read the rest

All you need to know for the 2021 Vehicle Finance Conference!
Feb 22, 2021

Get everything you need to know about the 2021 Vehicle Finance Conference in one place! The 2021 Vehicle Finance Conference digital program contains a wealth of information on business partners, conference sponsors, sessions and speakers,… Read the rest

We’ve Got Your Conference Caffeine Fix
Feb 11, 2021

Sometimes you just need that hot cup of joe to get you going. Luckily, our 2021 Vehicle Finance Conference sponsors have you covered.

Register today to ensure you get your java gift cards!

 

Dunkin’ Donuts Coffee Breaks sponsored by:

Read the rest

Did you register for the Vehicle Finance Conference yet?
Feb 09, 2021

You heard it straight from our CEO! Register now for AFSA’s 2021 Vehicle Finance Conference. Don’t miss our fast-paced, informative and fun agenda with industry experts and inspirational keynotes.

Read the rest

Join the Roundtable Discussions
Feb 09, 2021

Join industry experts for engaging roundtable discussions on a variety of topics from bankruptcy to digitization. There are eight different roundtables to choose from between two days; five on Tuesday and three on Wednesday. Don’t miss … Read the rest

Auto Loan Accommodations: Insights from the Past, Applications for the Present
Nov 18, 2020

 Join us on December 3 at 2:00 p.m. ET for Auto Loan Accommodations: Insights from the Past, Applications for the Present.

The COVID-19 pandemic significantly impacted consumers and businesses, and the auto industry is one of many that provided… Read the rest


Notice: Undefined variable: blog_query in /nas/content/live/afsastaging/wp-content/themes/afsa_new/index.php on line 96

Notice: Trying to get property 'max_num_pages' of non-object in /nas/content/live/afsastaging/wp-content/themes/afsa_new/index.php on line 96

Notice: Undefined variable: wp_query in /nas/content/live/afsastaging/wp-content/themes/afsa_new/index.php on line 44

Notice: Trying to get property 'max_num_pages' of non-object in /nas/content/live/afsastaging/wp-content/themes/afsa_new/index.php on line 44