This week, AFSA responded to the Office of Management and Budget (OMB) Request for Information on Deregulation. This request invited the public to identify regulations that should be rescinded along with justifications for doing so. The request sought feedback on regulations that are “unnecessary, unlawful, unduly burdensome, or unsound.” AFSA’s comment requested that OMB review 14 different rules from the Consumer Financial Protection Bureau, Department of Defense, and the Federal Communications Commission.
This week, the CFPB announced its plans to withdraw 67 guidance filings, interpretive rules, policy statements, and advisory opinions. Because the CFPB was created with very little oversight and broad authorities, the CFPB is an agency that can easily overreach.
Over the past few years, industry has observed many instances of rulemaking and standard-setting by informal means rather than official notice-and-comment rulemaking. In this announcement, the CFPB has said that these withdrawals are not necessarily permanent. Rather, the CFPB will continue to review all guidance documents in an ongoing process.
We also understand that the CFPB has withdrawn an auto finance enforcement action along with guidance addressing states’ authority to use the CFPB’s authority. The Bureau is proposing rescission of the procedures for supervisory designation, the nonbank registry of enforcement, the adjudication practice rules, and the proposed rules on terms and conditions.
While the rapid speed of change is hard to follow, these actions are consistent with the AFSA’s years-long advocacy. Companies that offer consumer financial products and services want clear rules of the road that are thoughtfully established in the standard notice-and-comment rulemaking process.
A Busy Week in Deregulation
May 16, 2025
This week, AFSA responded to the Office of Management and Budget (OMB) Request for Information on Deregulation. This request invited the public to identify regulations that should be rescinded along with justifications for doing so. … Read the rest
This Thursday | AFSA Webinar | Usage-Based Models: Reinventing Auto & Equipment Finance
May 13, 2025
In today’s competitive financial landscape, staying ahead requires more than just traditional approaches to asset finance. When it comes to money at work between lenders and borrowers, usage-based financing is transforming auto and equipment… Read the rest
Industry Expertise | Four Ways Lenders Can Get Paid Faster
May 12, 2025
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan … Read the rest
Kentucky’s U-Drive-It Program
May 08, 2025
AFSA’s State Government Affairs team submitted a comment letter to the Kentucky department of Revenue regarding the state’s U-Drive-It Program and recent guidance affecting credit insurance and debt cancellation products.
In the letter,… Read the rest
CFPB Steps Away from BNPL and Toward Military Issues
May 08, 2025
On May 6, the CFPB announced more details on its priorities. The agency said that it is not prioritizing enforcement actions based on an interpretive rule published in May 2024. That rule articulated the circumstances in which buy-now-pay-later… Read the rest
Industry Expertise | Vehicle-finance fraud is a $9 billion problem. Here’s how to combat it.
May 07, 2025
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan … Read the rest
AFSA Education Foundation in Action
May 07, 2025
Financial Literacy Month is a wrap and the AFSA Education Foundation was honored to attend the U.S. Treasury Department‘s financial literacy roundtable hosted by its Offices of Community and Economic Development and Consumer Policy. … Read the rest
May White Paper | APR
May 07, 2025
AFSA’s May State Government Affairs white paper details how states are increasingly considering “all-in” rate caps that redefine how APR is calculated. These new laws, often modeled after the Military Lending Act’s broader MAPR definition,… Read the rest
House Gives CFPB a Haircut
May 07, 2025
The House Financial Services Committee approved legislation this week to reduce by almost 60 percent the funding the Consumer Financial Protection Bureau can receive from the Federal Reserve. The committee voted along party lines, 30-22,… Read the rest
Usage-Based Models: Reinventing Auto & Equipment Finance
May 06, 2025
In today’s competitive financial landscape, staying ahead requires more than just traditional approaches to asset finance. When it comes to money at work between lenders and borrowers, usage-based financing is transforming auto and equipment… Read the rest