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AFSA Opposes Bill to Eliminate Key Part of Financial System

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AFSA yesterday submitted a comment letter to Senate Committee on Banking Housing & Urban Affairs Chair Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) opposing S. 2839, the Eliminating Corporate Shadow Banking Act of 2019.

This pejoratively titled bill would effectively end the century old industrial banking industry. Industrial banks were formed in 1910 and are state-chartered, regulated by the states and the Federal Deposit Insurance Corp. (FDIC). The letter points out that they are subject to the same laws, supervised and examined by both the states that charter them and the FDIC and are required to have “the same safety and soundness, consumer protection, deposit insurance, Community Reinvestment Act, and other requirements as other FDIC-insured depository institutions.”

If S. 2839 is enacted, current state laws governing industrial banks – laws that are effective – would be preempted by burdensome and needless federal regulations. “In an era of new fintech entrants in the financial marketplace, AFSA sees no policy reason for a longstanding, successful, and thoroughly regulated industry to be destroyed,” Ann Harter, Vice President of Congressional Relations wrote in the letter. “We urge you to oppose S. 2839 and continue to support a vibrant dual banking system.”

AFSA Opposes Bill to Eliminate Key Part of Financial System
Dec 12, 2019

AFSA yesterday submitted a comment letter to Senate Committee on Banking Housing & Urban Affairs Chair Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) opposing S. 2839, the Eliminating Corporate Shadow Banking Act of Read the rest

FTC/CFPB Workshop on Accuracy in Consumer Reporting
Dec 11, 2019

AFSA staff attended the Federal Trade Commission (FTC)/Consumer Financial Protection Bureau (CFPB) Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit… Read the rest

AFSA: Congress Should Address Causes, Not Symptoms in Credit Reporting Issues
Dec 10, 2019

The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The letter expresses concerns… Read the rest

AFSA Attends Critical CCPA Meetings & Hearings
Dec 09, 2019

In the first week of December, AFSA’s State Government Affairs team attended the three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, Fresno and San Francisco.Read the rest

AFSA Releases Debt Collection Study
Dec 06, 2019

The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s… Read the rest

Misguided and Misinformed on APR
Dec 05, 2019

Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members … Read the rest

LISTEN | Obstacles to Digital Adoption on the Extra Credit Podcast
Dec 05, 2019

On episode five of the AFSA Extra Credit Podcast, we're speaking with John Findley, CEO of LemonadeTraining, a company that helps businesses develop game-based education programs. We talk a bit about game-based training, but really… Read the rest

AFSA’s Cyber Monday Sale!
Dec 02, 2019

AFSA is getting in on the cyber Monday craze!

If you register for the 2020 Vehicle Finance Conference & Expo between now and 11:59 p.m. ET this evening, you will be for a chance to win

A FREE ROOM NIGHT AND A $50 BELLAGIO GIFT CARD!

Hurry Read the rest

Happy Thanksgiving from AFSA
Nov 28, 2019

From all of us at AFSA, we hope that you and yours have a safe and happy Thanksgiving.… Read the rest

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