This week, the American Financial Services Association pushed back against another Congressional attempt to limit the use of arbitration in contracts. AFSA strongly opposed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act, which would effectively outlaw arbitration provisions in private contracts. AFSA wrote to the House Judiciary Chairman and Ranking Member, noting “… class action lawsuits that take years to be adjudicated, clog the court system, and result in comparatively small payouts for consumers.” AFSA added, “Arbitration is already governed by the Federal Arbitration Act and has been approved by the Supreme Court, which recognized arbitration as a fair and effective mode of settling dispute between borrowers and creditors.”
AFSA also joined a coalition of more than 20 trade associations, representing a large swath of the American economy, that sent a letter to all members of Congress opposing the legislation. The letter argued that the only clear winners of the legislation are plaintiffs’ trial lawyers, who end up taking the lion’s share of class action settlement proceeds while providing little to consumers.
Despite industry’s efforts, and as expected, the bill passed out of the Judiciary Committee on September 10 by a largely party-line vote of 22-14. The legislation could be sent to the House floor as early as next week or the week after. While we believe the bill will pass the House, it’s unlikely to advance in the Senate.
AFSA will continue to work with members of Congress to highlight the value that arbitration provides consumers.
House Bill Gives “Plaintiff Lawyers” Un-FAIR Advantage
Sep 12, 2019
This week, the American Financial Services Association pushed back against another Congressional attempt to limit the use of arbitration in contracts. AFSA strongly opposed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act,… Read the rest
AFSA Applauds CFPB on Implementation of Three Key Policies
Sep 10, 2019
The American Financial Services Association, which for more than a century has advocated for pro-consumer policies on behalf of the consumer credit industry applauds the Consumer Financial Protection Board’s implementation of… Read the rest
A Purpose-driven Session
Sep 09, 2019
Roy Spence has some impressive accolades. With his agency GSD&M, he’s helped grow some of the world’s most profitable businesses and recognizable brands, including Southwest Airlines, Walmart, Dreamworks Studio,… Read the rest
AFSA Welcomes Sarah Bloom Raskin at ’19 Annual Meeting
Sep 06, 2019
The American Financial Services Association is pleased to welcome Sarah Bloom Raskin to the 2019 AFSA Annual Meeting in Nashville, Tenn. Attendees will enjoy an exclusive interactive question and answer session with insights on the current… Read the rest
SGA Urges Cuomo to Veto SB 4019
Sep 05, 2019
This week, AFSA’s State Government Affairs team submitted a letter to New York Governor Andrew Cuomo urging him to veto SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death.… Read the rest
District Court Tosses CSBS Challenge for Second Time
Sep 04, 2019
A U.S. District Court in Washington, D.C., on Wednesday dismissed a lawsuit by state regulators challenging the Office of the Comptroller of the Currency's (OCC) fintech charter. The Conference of State Bank Supervisors (CSBS) contends… Read the rest
CFPB Outlines Study Findings
Sep 03, 2019
The Consumer Financial Protection Bureau (CFPB) released on Tuesday, September 3rd the results of a pilot study called Planning for Tax-time Savings. Conducted in conjunction with H&R Block, the study found that simple messages… Read the rest
Mitigating risks with F&I aftermarket products and cancellations
Sep 01, 2019
With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?
Join us on September 12 at 2 p.m. ET for Mitigating Risks… Read the rest
AFSA Dials Up FCC Engagement on Robocalls
Aug 29, 2019
AFSA this week submitted a comment letter to the Federal Communications Commission (FCC) on its Third Further Notice of Proposed Rulemaking on methods to eliminate illegal robocalls. The association’s comment letter reinforced… Read the rest
Mitigating risks with F&I aftermarket products and cancellations
Aug 28, 2019
With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?
Join us on September 12 at 2 p.m. ET for Mitigating Risks… Read the rest