AFSA has offered its support for H.R. 3182, legislation introduced by Representatives Vicente Gonzalez (D-TX), Ted Budd (R-NC) and a bipartisan group of lawmakers, to delay the implementation of the Federal Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard until the Security and Exchange Commission conducts a quantitative impact study. Senator Thom Tillis (R-NC) introduced a companion bill in the Senate in May. The CECL standard would significantly change accounting practices by requiring financial institutions to recognize and reserve for expected credit losses over the life of the loan.
AFSA has continually expressed its concerns to federal financial regulators and members of Congress about CECL’s potential impact on the cost and availability of much-needed credit products and its potential to accelerate an economic downturn and impede growth. In its support letter, AFSA praised the bill’s introduction stating, “It is essential that the consequences of such fundamental accounting changes on consumers, financial institutions, and the broader U.S. economy are clearly understood before they are implemented.”
AFSA has offered its support for H.R. 3182, legislation introduced by Representatives Vicente Gonzalez (D-TX), Ted Budd (R-NC) and a bipartisan group of lawmakers, to delay the implementation of the Federal Accounting Standards Board’s… Read the rest
On June 20, AFSA submitted a comment letter to the New York legislature raising concerns about AB 2078 and its companion SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death. The bills… Read the rest
The Federal Trade Commission (FTC) is holding its fourth annual PrivacyCon on June 27, 2019.
The event promises to focus on issues related to consumer privacy and data security, both of which are issues of critical importance for the consumer… Read the rest
Join us on June 27th at 2 p.m. ET for SMS for e-Signature and Electronic Documents presented by D’Lange Mobile.
Using text messaging and e-signature offers speed and convenience that consumers increasingly appreciate. There are important… Read the rest
WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association, the national trade association for the consumer credit industry, is pleased to welcome communications professional Ed McFadden as its new Vice … Read the rest
AFSA attended and participated in the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board meetings held June 5th and 6th in Washington. The focus of the meeting was on broad policy matters related to the Bureau’s Unified… Read the rest
Ajit Pai, Chairman of the Federal Communications Commission (FCC) yesterday announced that proposed rules governing robocalls would likely contain a “safety valve” in order to ensure that legitimate businesses like financial… Read the rest
Each year since the mid-1980s, the AFSA Education Foundation offers two important enrichment programs for employees of member companies. Registration for the 2019 edition of The EDGE program is now closed. However, there’s still… Read the rest
This week, AFSA’s State Government Affairs Team published their white paper on state payday lending databases. Many states have passed laws requiring payday lenders to submit information about their customers to a database system.… Read the rest
Join us today at 2 p.m. ET for Repo on the Rise: 3 things for motor vehicle lenders to consider today.
Every motor vehicle lender eventually hits a few bumps and potholes in the road when a debtor defaults on their car or truck loan. Not only is this… Read the rest
