On April 3, the Senate Committee on Commerce, Science, and Transportation passed S. 151, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act, by voice vote.
AFSA shares committee members’ concerns regarding the proliferation of unwanted, fraudulent calls and supports the committee’s efforts to address these calls. We understand that the intent of the legislation is to target bad actors – spoofers, scammers, fraudsters, etc.
However, AFSA is concerned that, as currently drafted, the TRACED Act will lead to an increase in unnecessary litigation against financial institutions as they attempt contact their customers. With no statutory exemption for legitimate businesses, there is every likelihood that the massive increase in litigation under the TCPA would expand with the TRACED Act. In addition, while the bill includes a safe harbor for telecommunications providers who misidentify legitimate calls for the purposes of blocking them, there is no meaningful recourse for legitimate businesses whose calls get blocked.
AFSA urges the Senate to include an exception in the TRACED Act itself that properly recognizes the distinction between fraudulent calls and legitimate business communications.
On April 3, the Senate Committee on Commerce, Science, and Transportation passed S. 151, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act, by voice vote.
AFSA shares committee members’ concerns regarding… Read the rest
Join AFSA on Thursday, April 11, at 2 p.m. ET for Jurisdictional Challenges in Motor Vehicle Lending: What You Need to Know, presented by Wolters Kluwer.
With 50 states, five territories, one federal district and more than 3,000 counties and… Read the rest
The proposed safeguards rule from the Federal Trade Commission (FTC) was published in the Federal Register this morning.
“While AFSA supports the goal of the Safeguards Rule to promote data security, we believe that that the prescriptive
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The Financial Accounting Standards Board (FASB) rejected yesterday a proposal brought by several financial institutions and trade associations, including AFSA. The proposal would have softened the impact of a change that will force banks… Read the rest
REPAY is the Resource Directory’s Featured Listing for April. Realtime Electronic Payments was established in 2006 and is the premier full-service payment technology and processing provider for the consumer finance industry.… Read the rest
AFSA's April State Government Affairs white paper is now available. This month's white paper covers the state response to the recent federal government shutdown. While the federal government was partially shutdown for a record… Read the rest
AFSA looks forward to examining the 2018 HMDA data in detail during the coming weeks.
“While HMDA data can assist regulators in several ways, the publicly-released data does not present a complete picture of the mortgage lending process,”… Read the rest
WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association (AFSA) today announced that Bill Himpler, President-elect of the association since last November, becomes President & CEO, succeeding… Read the rest
AFSA’s Celia Winslow, Vice President of Legal & Regulatory Affairs, discusses the association’s recent Law & Compliance Symposium and the latest legal and regulatory issues impacting members in the next… Read the rest
Join AFSA on Thursday, April 11, at 2 p.m. ET for Jurisdictional Challenges in Motor Vehicle Lending: What You Need to Know, presented by Wolters Kluwer.
With 50 states, five territories, one federal district and more than 3,000 counties and… Read the rest
