Last week, AFSA staff attended the Consumer Financial Protection Bureau’s (CFPB) virtual advisory committee meetings at which members discussed the agency’s recent initiatives and rulemakings, along with broader discussions on COVID-19-related trends in the mortgage market. Specifically, the meeting included discussions on implementing Section 1071 and Section 1033 of the Dodd-Frank Act.
Section 1071 requires financial institutions to gather and report data regarding credit applications for women and minority-owned small business. The CFPB stated that its key consideration in this rulemaking is to provide more small business lending data, while minimizing implementation burdens and unintentionally creating barriers. AFSA has been engaged with this rulemaking and is advocating for the creation of a CFPB-run small business database.
The meeting later shifted to a discussion on implementing Section 1033 of the Dodd-Frank. Section 1033 concerns data aggregators and is designed to address current market practices regarding the use, retention, and transmission of consumer data. Examples include fintechs contracting with financial institutions regarding the use of consumer account data. Current data collection practices including screen scrapping, dedicated portals, and APIs. The panel discussed the various ways consumers benefit from access to consumer data, while noting that such access poses certain risks. These risks necessitate actions from regulators and covered entities to ensure safe consumer data access.
AFSA has actively engaged with Congress and regulators on various consumer protection data issues and will continue to engage with the CFPB on Dodd-Frank-related matters.
CFPB Hosts Combined Advisory Committees Meeting
Nov 23, 2020
Last week, AFSA staff attended the Consumer Financial Protection Bureau’s (CFPB) virtual advisory committee meetings at which members discussed the agency’s recent initiatives and rulemakings, along with broader discussions on COVID-19-related… Read the rest
LISTEN | Danny Cantrell on Multichannel Communications & More
Nov 19, 2020
In this episode of the AFSA Extra Credit Podcast, we talk with Danny Cantrell, CEO and Co-founder of Solutions by Text. Danny has played an integral role at AFSA and is a mainstay at AFSA conferences and events. His expertise and thoughtfulness… Read the rest
Auto Loan Accommodations: Insights from the Past, Applications for the Present
Nov 18, 2020
Join us on December 3 at 2:00 p.m. ET for Auto Loan Accommodations: Insights from the Past, Applications for the Present.
The COVID-19 pandemic significantly impacted consumers and businesses, and the auto industry is one of many that provided… Read the rest
SBA Should Modify PPP Loan Review
Nov 18, 2020
AFSA joined a coalition of 80 trade associations asking policymakers to revise a proposed Paycheck Protection Program (PPP) review process. The members of the organizations have been on the frontlines both delivering and receiving aid … Read the rest
CFPB Provides Critical Mortgage Resources for Consumers
Nov 13, 2020
The Consumer Financial Protection Bureau (CFPB) yesterday released a new suite of resources for consumers who may have difficult making mortgage payments as a result of the coronavirus pandemic.
AFSA encourages its members to share the … Read the rest
AFSA Congratulates Biden-Harris
Nov 12, 2020
Multiple media outlets have declared Joseph R. Biden, Jr., the winner in the 2020 presidential race. American Financial Services Association President and CEO Bill Himpler issued the following statement:
“The American Financial Services… Read the rest
Remember the AFSA Education Foundation in Your Year-End Giving
Nov 11, 2020
As a key AFSA stakeholder you know firsthand the value of the organization. Thirty years ago AFSA leaders like you stepped up believing an informed consumer is a good consumer and the AFSA Education Foundation was born! The Foundation’s primary… Read the rest
AFSA Supports Access to Credit in Proposed CDFI Application
Nov 11, 2020
The American Financial Services Association (AFSA) emphasized the importance of preserving access to credit in response to the Department of Treasury (Treasury) and Community Development Financial Institutions’ (CDFI) Fund revised… Read the rest
CFPB Report Examines Servicemember Debt
Nov 10, 2020
The Consumer Financial Protection Bureau (CFPB) yesterday (November 9) released a report showing that a “sizeable fraction of young enlisted servicemembers go delinquent on debt payments or have severe derogatories (for example, defaults)… Read the rest
LISTEN | AFSA Extra Credit Podcast w/ AFSA Chair Tom Hudgins
Nov 10, 2020
In this episode of the AFSA Extra Credit Podcast we talk with Tom Hudgins, 2021 AFSA Chair and President & COO of Western Shamrock. Tom has been an integral part of AFSA leadership for many years and has served on many committees and working… Read the rest