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Congress Takes On Nonbank Registry Rule

Articles by: gmcgurn@afsamail.org

Last week, , Representative Andy Ogles (R-TN) introduced a Congressional Review Act (CRA) to the CFPB’s nonbank registry rule related to enforcement. Representative Ogles has been highly supportive of the financial services industry and wrote in opposition to the registry when it was first proposed. Representative Ogles rightly stated that the “nonbank registry would impose severe and complex compliance measures on covered nonbank entities, including many small businesses. It’s an unnecessary, duplicative rule that pushes bureaucracy and costs onto the American people.” AFSA has been actively trying to educate the CFPB on the illogical rule and strongly supports the CRA.

A CRA is a tool that Congress can use to overturn certain federal agency actions. If a CRA joint resolution of disapproval is approved by both houses of Congress and signed by the President, or if Congress successfully overrides a presidential veto, the rule at issue cannot go into effect or continue in effect. The CRA has been used to overturn a total of 20 rules: one in the 107th Congress (2001-2002), 16 in the 115th Congress (2017-2018), and three in the 117th Congress (2021-2022). AFSA appreciates Representative Ogles’ leadership and will track the CRA closely.

Congress Takes On Nonbank Registry Rule
Sep 04, 2024

Last week, , Representative Andy Ogles (R-TN) introduced a Congressional Review Act (CRA) to the CFPB’s nonbank registry rule related to enforcement. Representative Ogles has been highly supportive of the financial services industry … Read the rest

Featured Business Partner | Allied Solutions
Sep 03, 2024

The featured Business Partner for the month of September is Allied Solutions.

There is power in partnership. Allied Solutions and Securian Financial partner to provide relevant, compliant solutions for consumer and auto finance companies.

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Emergency Rule Petitioned
Aug 29, 2024

AFSA’s State Government Affairs team sent a petition for emergency rule or order to the New Hampshire Bank Commissioner regarding NH HB 1243. AFSA has been continuously engaged with the New Hampshire Banking Department throughout the finalization… Read the rest

More CFPB Concerns
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Last week AFSA sent a letter to the CFPB reiterating enforcement concerns with the nonbank registry. As AFSA previously noted, the rule is overly broad and conflicts with a multitude of consumer protections already in place at both the federal… Read the rest

Women’s Equality Day!
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Today, August 26th, AFSA marks the 104th anniversary of Women’s Equality Day and the significant achievement of the 19th Amendment’s ratification. This amendment, passed in 1919 and ratified in August 1920, made an historic… Read the rest

Agency Actions Must Be Limited
Aug 23, 2024

This week, AFSA and other trade organizations filed an amicus brief in support of a vehicle finance company facing an enforcement action from the CFPB, which is attempting to amend settled law that the financial services industry has operated… Read the rest

Back to School Spending and Credit Access
Aug 21, 2024

Back-to-school season is well underway, bringing with it the need for supplies, new clothes, books, and more. According to a National Retail Federation survey, back-to-school outlays for the coming academic year will amount to $39 billion,… Read the rest

Concerns on CFPB’s Medical Debt Rule
Aug 13, 2024

Yesterday, AFSA submitted comments to the CFPB on its proposed rule concerning medical debt.  In the letter, AFSA highlighted four specific issues with the proposed rule:

  • The CFPB lacks authority for this rulemaking
    • At the outset, the CFPB
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Industry Expertise | Lien on Me: CHAMP Titles ELT Will Be Your Friend
Aug 12, 2024

“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. . For more information about this sponsored content opportunity, contact Dan… Read the rest

Loan Forgiveness Denied
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This week, AFSA joined DACO Investments, Westside Credit Corporation, Inc., Motorists Acceptance Corporation, and Challenge Financial Services in filing an Appellant’s Opening Brief in the 5th Circuit.  AFSA’s members, like so many … Read the rest


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