The American Financial Services Association submitted an amicus brief on April 27 to the U.S. District Court of Maine. The case was brought by the Consumer Data Industry Association (CDIA) against Maine Attorney General Aaron Frey and Superintendent of the Maine Bureau of Consumer Credit Protection William Lund. The case challenges two bills, the Medical Bill Act and the Economic Abuse Act passed by the Maine legislature in 2019.
The Medical Bill Act “expressly precludes a consumer reporting agency from ‘report[ing] debt from medical expenses on a consumer’s consumer report’ if the delinquency is less than 180 days old when the debt is reported.” The Economic Abuse Act “impermissibly precludes consumer reporting agencies from disclosing certain adverse information in consumer reports, a subject matter covered and expressly preempted by the [Fair Credit Reporting Act] FCRA.”
AFSA argues that the Maine statutes are not only preempted by the Fair Credit Reporting Act (FCRA), but that they are fundamentally at odds with the goals of the federal legislation intended to protect consumers. “A patchwork of state regulations would drive most lenders to be state-specific, reducing competition and innovation, and harming consumers,” the brief states.
The American Financial Services Association submitted an amicus brief on April 27 to the U.S. District Court of Maine. The case was brought by the Consumer Data Industry Association (CDIA) against Maine Attorney General Aaron Frey and Superintendent… Read the rest
We asked AFSA Vice President of Compliance Education Philip Bohi for his thoughts on compliance issues and his thoughts as we begin planning for a return to more normal business operations.
Q: In the last several weeks you’ve had calls… Read the rest
AFSA has become aware of several scam companies and individuals posing as AFSA staff members offering a variety of different professional contact lists. Many of the most recent messages offer discounted lists because of the need to cancel/postpone… Read the rest
President Trump today signed into law an additional $484 billion in coronavirus relief, $310 billion of which replenishes the Small Business Administration (SBA) Paycheck Protection Program (PPP). Senate Small Business Committee Chairman,… Read the rest
This week, the American Financial Services Association submitted a letter to the FCC requesting immediate action regarding a petition that AFSA and other trade associations submitted last month.
In the petition the trades ask for an expedited… Read the rest
AFSA’s State Government Affairs (SGA) team yesterday submitted a comment letter regarding Massachusetts HD 5014, which would enact emergency financial protections and forbearance for consumers and small business during the COVID-19… Read the rest
This is part two of our AFSA Extra Credit Podcast series covering the COVID-19 pandemic.In this conversation, we’re speaking with David Anthony and Sadia Mirza, also with Troutman, on the overall impact of the virus, including debt… Read the rest
The news cycle continues to turn and with it comes more information about the coronavirus. Consumer finance companies, like ordinary Americans, are drinking from the firehose, trying to sift through what they need to know now to continue … Read the rest
The American Financial Services Association State Government Affairs (SGA) team yesterday published a COVID-19 state policy update white paper, the first of two covering state responses to the coronavirus outbreak.
The white paper provides… Read the rest
