AFSA has expressed concerns about the effect that the Current Expected Credit Loss (CECL) accounting standards have on financial institutions. Earlier this year, Congress extended the implementation date for banks to comply with the new CECL standard. AFSA has been working with Members of Congress, regulatory agencies, and the Administration asking that the delay be extended across the board to all financial institutions, not just banks.
AFSA is pleased that Senate Banking Committee Chairman Sen. Mike Crapo (R-ID) agrees with the association’s continued call for uniformity. In a letter sent to various prudential regulators in Washington, Chairman Crapo noted, “[I]t would also be prudent to extend relief related to TDRs [Troubled Debt Restructurings] and CECL to insurers and nonbanks that engaged in similar activities to banks and credit unions that are equally affected by these policies during this difficult time.”
AFSA will continued to work with policymakers to emphasize the need for parity and fairness between all financial institutions.
AFSA has expressed concerns about the effect that the Current Expected Credit Loss (CECL) accounting standards have on financial institutions. Earlier this year, Congress extended the implementation date for banks to comply with the new… Read the rest
The featured Business Partner for August is Datascan.
DataScan has established itself as the North American leader in providing dealer floorplan lenders with technology-based solutions for wholesale asset financing and inventory risk… Read the rest
Today the Senate Banking, Housing, and Urban Affairs Committee held a hearing with the Director of the Consumer Financial Protection Bureau (CFBP), Kathleen Kraninger, to discuss the Bureau’s most recent Semi-Annual Report to Congress.… Read the rest
Given the world in which we currently live, companies can no longer return to a static plan. What’s needed now is a dynamic strategy based on the ability to quickly absorb information and rapidly incorporate lessons learned in the marketplace.… Read the rest
Today, the American Financial Services Association (AFSA) joined several other financial services trade associations in a letter urging Congressional leaders to pass legislation to uniformly apply the Federal Accounting Standards… Read the rest
On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) announced a request for information (RFI) on preventing credit discrimination and building a more inclusive financial system. Information about this effort is available… Read the rest
The American Financial Services Association‘s members have for more than a century believed that their success was built on the personal, face to face relationships they have built with their customers, sometimes generations of customers.… Read the rest
We know you’ve missed gathering with new customers; Let AFSA help strengthen your connection to the consumer finance industry!
Take advantage of the best deal all year! Enjoy a single year rate for the remainder of 2020 and 2021, plus FREE… Read the rest
In the latest episode of the AFSA Extra Credit Podcast, we talk with Andrea Cottrell, Associate with Hudson Cook LLP. Andrea works with financial service providers on compliance with federal and state regulations and consumer protection… Read the rest
The Consumer Financial Protection Bureau today announced that it will host a symposium to discuss the cost-benefit analysis of financial protection regulations on July 29 at 9:30 a.m. AFSA staff will attend.
“The symposium is intended to… Read the rest
