The Office of the Comptroller of the Currency (OCC) released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.
The rule codifies more than a decade of OCC guidance, which stated that banks should conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.
AFSA commented on the rule when it was proposed, writing, “AFSA members are supportive of the OCC’s efforts to encourage Banks to offer financial products and services in a neutral manner, unaffected by subjective biases.”
AFSA went to say, “In the recent past, the experience of initiatives such as Operation Choke Point, in which the OCC was not a participant, along with ad hoc decisions by financial institutions to deny products and services based on subjective biases have harmed the financial services sector as a whole. Consumer and business customers of financial institutions deserve service unimpeded by subjective biases, whether imposed by a particular financial institution or from the government.”
The Biden Administration may seek to roll back or slow down this rule.
The Office of the Comptroller of the Currency (OCC) released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank… Read the rest
Today, President-elect Joe Biden announced that Federal Trade Commissioner Rohit Chopra will be nominated to serve as Director of the Consumer Financial Protection Bureau. The following statement may be attributed to Bill Himpler, President… Read the rest
AFSA is pleased to announce that Dr. Mark Zandi, Chief Economist at Moody’s Analytics, and co-Founder of Economy.com will present at AFSA’s 2021 Virtual Vehicle Finance Conference.
Dr. Zandi, a trusted adviser to policymakers and… Read the rest
Join us on February 4 at 2:00 p.m. for The Impact of Address Confidentiality Programs on Extending and Servicing Credit, presented by Husch Blackwell.
Learn the where, what, and why of address confidentiality programs across the country—sometimes… Read the rest
According to Bankrate’s January 2020 Financial Security Index study, just 39 % of American households are able via savings to cover a $1,000 emergency expense, such as a car repair. The 2021 version of the survey found that just 41% could cover… Read the rest
AFSA’s State Government Affairs (SGA) team published its 2021 State Legislative Preview and 2020 Review white paper this week. The paper provides members with a comprehensive preview of state legislative and regulatory activity in 2021… Read the rest
The American Financial Services Association (AFSA) submitted comments in support of several federal banking agencies’ notice of proposed rulemaking on the role of supervisory guidance. Supervisory guidance is issued by agencies in… Read the rest
Earlier today (January 5, 2020), the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace. You can… Read the rest
REGISTRATION IS NOW OPEN!
The 2021 Vehicle Finance Conference will be held online from February 23 through February 25.
Each day will feature three hours of fast-paced and informative keynotes and industry roundtables, along with … Read the rest
On January 4, 2021, AFSA submitted a comment letter to the Office of the Comptroller of the Currency (OCC) regarding its proposed rule on Fair Access to Financial Services. This proposal reiterates that banks operating under the OCC’s governance… Read the rest
