The Bureau of Consumer Financial Protection issued a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The Bureau published in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. These RFIs provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.
On April 27, AFSA submitted its comments in response to the first RFI on the Bureau’s civil investigative demands (CIDs) and associated processes. AFSA wrote, “The proper role of CIDs are as one investigative tool within the enforcement regime. There are a variety of investigative tools that the Bureau could use, and it is more efficient and effective to use all the tools rather than this single process.”
AFSA explained that CIDs are expensive, time-consuming and often inefficient. The association gave the Bureau a number of recommendations that it believes would improve efficiency and effectiveness, as well as reduce unnecessary costs, burdens, and unintended consequences to the Bureau and the subjects of investigations.
AFSA is currently working on drafting responses to the other RFIs, including one on the adjudication process, which will be submitted on May 7.
The Bureau of Consumer Financial Protection issued a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The Bureau published in the Federal Register a series of Requests for… Read the rest
AFSA Staff
Col. Nicole Malachowski (USAF, Ret.), a combat veteran and the first female pilot for the Thunderbirds Air Demonstration Squadron, spread her inspirational message of endless perseverance and learning from setbacks at two venues… Read the rest
Patrick St. Charles, III, President & CEO of Chattanooga, Tennessee-based Citizens Savings & Loan Corporation, received the Outstanding Independent Award last week during the American Financial Services Association’s… Read the rest
The world of collections is constantly evolving, with disruptions in the market happening by the day. Driven by advances in everything from payment apps to eCommerce experiences, consumers today are accustomed to paying for goods and services… Read the rest
Several years ago, Brad Parscale found himself faced with the biggest challenge of his marketing and advertising career: get Donald Trump elected president.
Little did he realize that he would become Trump’s secret weapon and engineer… Read the rest
At its April 24 AFSA Board of Directors meeting, the board unanimously approved the election of Josh Johnson, President & CEO of Mariner Finance, LLC, as the Chairman-Elect of the Board to succeed Ginger Herring, President &… Read the rest
The Senate yesterday approved S.J. Res. 57 by a 51-47 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013 vehicle finance guidance.
“The… Read the rest
On April 19, AFSA’s National Title Solutions Forum (NTSF) submitted a comment letter to the Illinois Senate Transportation Committee in opposition to Senate Bill 2470, which would make changes to the titling and lien release processes… Read the rest
WASHINGTON, APRIL 18, 2018 – Today, the Senate approved S.J. Res 57 by a 51-47 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013… Read the rest
On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes… Read the rest
