The U.S. House of Representatives passed the H.R 1996 – Secure and Fair Enforcement (SAFE) Banking Act of 2021, with overwhelming bipartisan support on a 321- 101 vote, including 106 Republicans.
Sponsored by Representatives Ed Perlmutter (D-CO), Nydia Velázquez (D-NY), Steve Stivers (R-OH), and Warren Davidson (R-OH), the SAFE Banking Act includes language to finally end Operation Choke Point by prohibiting a federal regulator from ordering a bank to terminate a banking relationship with a legal business unless there is a valid reason, which is not based solely on reputational risk.
During the debate of the SAFE Banking Act on the House floor, Congressman Ed Perlmutter, the bill’s lead author, acknowledged (timestamp 1:25:18) AFSA’s endorsement and submitted AFSA’s March letter of support into the official record.
AFSA thanks all the Members of Congress for their support to help pass the SAFE Banking Act and end federal initiatives that jeopardize legitimate bank customers, like traditional installment lenders, which have provided safe and affordable small-dollar credit to consumers in their communities for over a century.
Senators Jeff Markley (D-OR) and Steve Daines (R-MT) have introduced a bipartisan companion bill (S. 910) that currently has 32 cosponsors.
SAFE BANKING ACT PASSES HOUSE
Apr 20, 2021
The U.S. House of Representatives passed the H.R 1996 – Secure and Fair Enforcement (SAFE) Banking Act of 2021, with overwhelming bipartisan support on a 321- 101 vote, including 106 Republicans.
Sponsored by Representatives Ed Perlmutter… Read the rest
CFPB: SettleIt Leaves Consumers Unsettled
Apr 15, 2021
The Consumer Financial Protection Bureau (CFPB) yesterday filed a complaint in federal district court alleging SettleIt, Inc., of “steering consumers into high-cost loans.” The complaint takes SettleIt to task for “self-dealing,” steering… Read the rest
Rev Up Your Results With RSM Insights
Apr 14, 2021
RSM will present the results of its annual financial performance survey for AFSA Independents and other independently held finance companies across the United States. The results will include current trends for growth, funding, leverage,… Read the rest
AFSAEF Launches New MoneySKILL Personal Finance Courses on AFSA University
Apr 13, 2021
The AFSA Education Foundation is pleased to announce the release of three new MoneySKILL® personal finance courses on the AFSA University training and education platform. In addition to important compliance training, companies that subscribe… Read the rest
LISTEN | Tips & Tricks for Successful Comms Strategies w/ Lane Borrello
Apr 13, 2021
In this episode of the AFSA Extra Credit Podcast we talk with Lane Borrello, Vice President of Public Affairs with GM Financial. Lane shares some of the tips she’s picked up during her career leading the comms shop for a number of large companies.… Read the rest
AFSA Letter: Banning Arbitration is Bad for Consumers
Apr 12, 2021
Today, the American Financial Services Association (AFSA) submitted a letter to the top ranking Democratic and Republican leaders on the House Judiciary Committee in opposition to legislation banning pre-dispute arbitration for servicemembers… Read the rest
TODAY @ 3p ET | Inaugural Women’s Forum Mentoring Event
Apr 08, 2021
Join us on Thursday, April 8, 2021 at 3:00 p.m. ET (2:00 p.m. CT / 1:00 p.m. MT / 12:00 p.m. PT) for the Inaugural Women’s Forum Mentoring Event!
Everyone is welcome to join us with THIS LINK.… Read the rest
The WSJ Did Not Try to Get it Right….We Set the Record Straight
Apr 07, 2021
A news article published this week in The Wall Street Journal claims that U.S. consumers in the subprime credit tier are beginning to fall behind on their auto loans. While the article presents data, it doesn’t explain the … Read the rest
Supreme Court Sides With AFSA, Trades in TCPA Case
Apr 06, 2021
In a much-anticipated ruling, the U.S. Supreme Court unanimously narrowed the scope of the Telephone Consumer Protection Act (TCPA). AFSA and other trade associations submitted an amicus brief urging the Supreme Court to take a more common-sense… Read the rest
LISTEN | Dr. Carly Urban & Rhonda Ashburn on the Success of MoneySkill
Apr 06, 2021
In this episode of the AFSA Extra Credit Podcast, we’re joined by Dr. Carly Urban and AFSAEF Executive Director to talk about a new study that found that students using the MoneySKILL program increased their financial knowledge… Read the rest