Today, a bipartisan group of House members wrote a letter to the Federal Trade Commission (FTC) to extend the effective date of the Safeguards Rule for one year until December 9, 2023.
“While we believe this rule makes important strides toward protecting consumer data, it is our understanding that the rule will require a one size fits all approach across the financial services industry to implement complex cybersecurity,” the letter said. “Presently, many small and medium size businesses continue to face supply chain distribution issues from COVID-19 as well as workforce challenges and equipment shortages that we are concerned will make it nearly impossible to comply with the rule by the current deadline.”
AFSA, along with other industry groups, has sought an extension of the effective date for the amended Safeguards Rule to help small and midsize businesses that have difficulty competing for highly skilled cybersecurity workforce talent. This letter, in conjunction with a letter from the Small Business Administration’s Office of Advocacy and a joint trades letter, will hopefully have a positive impact on the FTC. Currently, the FTC’s Safeguards Rule goes into effect on December 9, 2022.
The letter was signed by was signed by Reps. Chrissy Houlahan (D-PA), Young Kim (R-CA), Ann McLane Kuster (D-NH), Andrew R. Garbarino (R-NY), Tom O’Halleran (D-AZ) and Scott H. Peters (D-CA).
AFSA Secures Bipartisan Letter Seeking Safeguards Rule Extension
Oct 19, 2022
Today, a bipartisan group of House members wrote a letter to the Federal Trade Commission (FTC) to extend the effective date of the Safeguards Rule for one year until December 9, 2023.
“While we believe this rule makes important strides toward… Read the rest
News From Our Members | Consumer Portfolio Services (CPS) Names PayNearMe as its Primary Payments Partner
Oct 18, 2022
Consumer Portfolio Services (CPS) Names PayNearMe as its Primary Payments Partner to Accelerate the Auto Lender’s Digital Transformation
PayNearMe, a fast-growing fintech company radically improving the customer payment experience,… Read the rest
Best Practices in Automated Credit Dispute Handling
Oct 18, 2022
Join us on October 20th at 2:00 p.m. for Best Practices in Automated Credit Dispute Handling, sponsored by FTI Consulting
Over the past two years, there has been a significant increase in credit industry-wide. At the same time, disputes … Read the rest
Buy Now, Rate Later?
Oct 17, 2022
It is a good thing that new consumer credit products are affording consumers access to credit for what they want or need. But as The Wall Street Journal notes, so-called “Buy Now Pay Later” products are not offering consumers one of the most… Read the rest
The Main Event: AFSA Annual Meeting Dinner & Howl at the Moon
Oct 17, 2022
AFSA meetings are known for great content. They’re famous for great networking events!
Get ready for the AFSA Annual Meeting Dinner & Show from world famous Howl at the Moon!
Get started with a delicious dinner:
Then, the biggest… Read the rest
Scammers Offering AFSA Member Lists, Discount Accommodations
Oct 17, 2022
AFSA is aware that individuals are calling and emailing AFSA members offering member contact lists.
DO NOT ENGAGE WITH ANY COMPANY OR INDIVIDUAL OFFERING MEMBER LISTS.
AFSA members can always access a list of fellow members, including contact… Read the rest
Eliminate Bias, Not Credit Access
Oct 12, 2022
Last week, the White House Office of Science and Technology released A Blueprint for an AI Bill of Rights, which included a section on algorithmic discrimination protections. Today, AFSA sent a letter to the White House emphasizing the consumer… Read the rest
TOMORROW | Risk-Based Pricing Strategies in Auto Finance
Oct 12, 2022
Join us TOMORROW October 12 at 2:00 p.m. ET for Risk-Based Pricing Strategies in Auto Finance: Why Change and Why Now presented by Earnix.
The auto finance market has seen rapid shifts in demand for both new and used vehicle financing in the… Read the rest
The History of The Breakers
Oct 12, 2022
AFSA conferences take place in a lot of amazing resorts and hotels but nothing is quite as historic as The Breakers in Palm Beach, Florida where we’ll be holding out 2022 Annual Meeting in a few short weeks. Dan Jenkins, Senior Manager … Read the rest
DC’s Algorithm Bill is Out of Synch
Oct 07, 2022
The consumer credit industry is committed to equality and addressing discrimination in the allocation of credit and financial services. Which is why earlier this week, the American Financial Services Association and a group of eight other… Read the rest