Two House Financial Services Committee (HFSC) subcommittees held hearings of interest this week for AFSA members.
On Tuesday, the Consumer Protection and Financial Institutions Subcommittee conducted a hearing, “Ending the Debt Traps in the Payday and Small Dollar Credit Industry.” AFSA submitted a letter to the subcommittee touting the benefits of traditional installment loans. The focus of the hearing was very much on payday loans.
Installment lenders were not referenced. However, subcommittee members did express views that loans above 36% were predatory. AFSA will use this hearing as an opportunity to meet with committee members who are open-minded and advocate for sound research on the small-dollar lending market.
Yesterday, the Oversight and Investigations subcommittee conducted a hearing, “Examining Discrimination in the Automobile Lending and Insurance Industries.” AFSA also submitted a letter to the committee clarifying that vehicle finance companies treat all individuals fairly and equitably in the financing and servicing processes. The hearing was sparsely attended. Many of the questions asked were about insurance, not auto lending.
AFSA has met several times with Congressional member offices on both topics and will continue to stay in communication.
Two House Financial Services Committee (HFSC) subcommittees held hearings of interest this week for AFSA members.
On Tuesday, the Consumer Protection and Financial Institutions Subcommittee conducted a hearing, “Ending the Debt… Read the rest
AFSA's State Government Affairs white paper for May focuses on state and local cash mandates. The rise of consumer use of payment cards and applications instead of cash has inspired many businesses to go completely cashless. In response,… Read the rest
AFSA this week responded to a request for information (RFI) from the Consumer Financial Protection Bureau (CFPB) regarding the credit card market. The bureau is seeking information as part of its mandate to “conduct a review…of… Read the rest
The Acting Superintendent of the New York Department of Financial Services (NYDFS) this week announced the department is creating a new Consumer Protection and Financial Enforcement Division. The new division combines the previously … Read the rest
Riley Key, Attorney with Bradley Arant Boult Cummings: Riley focuses on counseling clients in the financial services world. He discusses those issues, social media, and more in this episode. Riley recently spoke at AFSA's Law and Compliance… Read the rest
Join AFSA on Thursday May 9, 2019 at 2 p.m. ET for the next installment of our popular webinar series with PCI Compliance & Your Call Centerpresented by PayNearMe.
Webinar panelists will discuss the most common ways to accept payments… Read the rest
Five key factors will determine navigating successful marketing initiatives in today’s modern, mobile marketplace, according to one industry expert.
Tracy Arrington, a Senior Vice President of Marketing & Media at Brain… Read the rest
Each year since the mid-1980s, the AFSA Education Foundation offers two important enrichment programs for employees of member companies. The first program is THE EDGE, an acronym for Education, Development, Growth, and Enrichment. Designed… Read the rest
Today, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID.
AFSA has long advocated… Read the rest
At the conclusion of AFSA’s 2019 AFSA Annual Independents Conference & Exposition, Stan Butler, President & CEO of Heights Finance, began his term as chair of the association’s Independents Section Board.… Read the rest
