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AFSA Supports CFPB Transparency

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This week, AFSA submitted a comment letter to House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) and Ranking Member Rep. Maxine Waters (D-CA) supporting the Consumer Financial Protection Bureau (CFPB) Transparency and Accountability Reform Act.

The bill takes several crucial steps that AFSA has long advocated. The bill:

  • Creates a bipartisan commission to lead the agency, as opposed to an unaccountable single Director.
  • Funds the Bureau via the Congressional appropriations process, which will promote consistent communication, transparency, and accountability.
  • Creates an Office of Economic Analysis to assess the guidance and rules the Bureau promulgates to examine the impact they would have on the industries they affect.

“[The] bill would bring much-needed long-term stability to the Consumer Financial Protection Bureau and therefore to the financial services industry,” said Ann Harter, Vice President of Congressional Affairs with AFSA.

Since the CFPB’s inception, AFSA has worked to educate lawmakers on the issues regarding the Bureau’s funding and leadership structure. AFSA President & CEO Bill Himpler highlighted these issues during Congressional testimony last month, and they are even more prominent as the Supreme Court weighs whether that funding is constitutional in the first place.

“If the past few years have taught us anything, it is that transparency and accountability are crucial to a well-functioning regulatory process, which also encourages certainty for financial institutions, as well as consumers.  AFSA appreciates the work of the House Financial Services Committee to institutionalize these principles in the CFPB,” said AFSA President and CEO Bill Himpler.

AFSA Supports CFPB Transparency
Apr 26, 2023

This week, AFSA submitted a comment letter to House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) and Ranking Member Rep. Maxine Waters (D-CA) supporting the Consumer Financial Protection Bureau (CFPB) Transparency Read the rest

Study: MoneySKILL Improves Financial Literacy
Apr 26, 2023

The AFSA Education Foundation is finishing Financial Literacy Month with a bang by releasing impressive research findings from an impact evaluation done in collaboration with Professor of Economics Dr. Carly Urban from Montana State University.… Read the rest

LISTEN | Industry Icon Ginger Herring
Apr 21, 2023

The AFSA Extra Credit Podcast Industry Icon series continues, featuring outstanding female leaders in the consumer credit industry. This episode features Ginger Herring, President & CEO of 1st Franklin Financial. She chats with DanielleRead the rest

A Full House in Vegas
Apr 20, 2023

There was no gambling or bluffing needed at the 2023 Independents Conference & Expo; we had a full house and a full schedule of informative speakers and great networking opportunities.

The conference is a crucial resource for the consumer… Read the rest

AFSA Joins Coalition Letter on Noncompete Agreements
Apr 19, 2023

Today, AFSA joined a coalition letter commenting on the FTC’s proposed rule to ban noncompete agreements. AFSA, with the U.S. Chamber of Commerce and 280 other organizations express concerns regarding the proposed rule. The letter… Read the rest

Voluntary Protection Products – Lender Best Practices to Address the Compliance Risk
Apr 19, 2023

Over the last several years, scrutiny placed on lenders in connection with the financing and servicing of voluntary protection products (add-ons) has increased tremendously. Recently, the industry has seen an increase in activity on the… Read the rest

AFSA Calls on Congress to Rein in Credit Repair Scams
Apr 14, 2023

AFSA signed onto a joint trade letter urging the House Financial Services Committee to introduce legislation aimed at curbing the threat credit repair scams pose to consumers and credit markets.

As several state and federal regulators have… Read the rest

Dailey Wilson on the Safeguards Rule
Apr 13, 2023

In this edition of the AFSA Extra Credit Podcast, we tackle the soon-to-be-effective FTC Safeguards Rule. Dailey Wilson, Attorney with Hudson Cook gives us the 35,000 foot view of the rule, some of the nitty gritty that companies will have … Read the rest

Court Sides With UACC
Apr 12, 2023

Service members, their families, the vehicle finance industry, and enthusiasts for statutory interpretation won in the 4th Circuit today. A panel of judges voted 2-1 to affirm a district court opinion in Davidson v. United Auto Credit Corporation.Read the rest

Industry Expertise | Savvy Decision Making through Rear and Windshield Views
Apr 12, 2023

AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Dan Bucherer.

Savvy Decision MakingRead the rest

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