Yesterday, a bipartisan group of Members of Congress sent a letter to the Consumer Financial Protection Bureau (CFPB) to express their concerns about a CFPB nonbank procedural rule. These eight members, many of whom serve on the House Financial Services Committee, echoed concerns that AFSA had shared with the CFPB before the rule was finalized. As the letter states, “the rule does not adequately define ‘risk to consumers,’ which is critical to successfully accomplishing the CFPB’s supervisory authority and ensuring financial institutions are in compliance.”
Labeling consumer finance companies as “risky” before an examination is completed will lead to confusion in the marketplace and would potentially deter future customers. The letter emphasizes that nonbank financial institutions provide crucial services to consumers across the credit spectrum, including low-income individuals. Assigning a business a designation of “risky” without fair and thorough investigation would limit access to credit for the at-risk consumer groups that the CFPB is tasked with protecting.
AFSA appreciates Reps. Vicente Gonzalez (D-TX), Wiley Nickel (D-NC), Henry Cuellar (D-TX), Gregory Meeks (D-NY), Don Davis (D-NC), Sanford Bishop (D-GA), Mike Flood (R-NE) and David Rouzer’s (R-NC) efforts to ensure that the CFPB provides clear guidance so that financial institutions can best serve all American consumers.
Congress Has Questions About “Risky Business”
Jan 23, 2024
Yesterday, a bipartisan group of Members of Congress sent a letter to the Consumer Financial Protection Bureau (CFPB) to express their concerns about a CFPB nonbank procedural rule. These eight members, many of whom serve on the House Financial… Read the rest
Alfa Announces Originations for US Auto Finance
Jan 22, 2024
The second of six releases that make up Alfa Systems 6, a breakthrough iteration of the Alfa Systems software platform, sets a new standard for excellence in US auto finance originations.
Alfa, a pioneer in technology for automotive finance,… Read the rest
New Jersey’s Data Disclosure Bills
Jan 11, 2024
AFSA’s State Government Affairs team recently sent a comment letter to the New Jersey General Assembly regarding NJ A1971 and S332 on collection and disclosure of personal data by certain entities. In the letter AFSA raises concerns … Read the rest
Massachusetts Proposed Junk Fee Regulations
Jan 11, 2024
AFSA’s State Government Affairs team sent a comment letter to the Massachusetts Office of Attorney General (OAG) on the proposed regulations related to Unfair and Deceptive Fees. In the letter, AFSA highlights concerns with the proposed… Read the rest
The Economic Outlook for 2024: Recession? Probably Not. Vibecession? Definitely.
Jan 11, 2024
AFSA Chief Economist Tim Gill has joined the prestigious The Wall Street Journal’s longstanding Economic Forecasting Survey panel. The panel consists of approximately 75 economists from academia, financial institutions, consulting… Read the rest
Small Business Review Panel Issues Report On FCRA Rulemaking
Jan 11, 2024
This week the Small Business Review Panel issued its “Final Report” on the CFPB’s Fair Credit Reporting Act (FCRA) proposals. This is part of the Consumer Financial Protection Bureau’s rulemaking process. The Small Business Regulatory … Read the rest
New Year, Old Issues
Jan 11, 2024
Welcome back! This week, both the House of Representatives and the Senate are in session following their holiday break. Below are some highlights from the first week back:
The State of the Union Marches On … House Speaker Mike Johnson (R-LA)… Read the rest
January White Paper: 2024 State Legislative Session Preview
Jan 04, 2024
On January 2, AFSA’s State Government Affairs (SGA) team released its latest white paper. This month’s white paper provides a 2024 State Legislative Session preview and 2023 year-in review.
In 2023, California and D.C. addressed … Read the rest
AFSA Suggests Changes to Financial Data Rulemaking
Jan 04, 2024
Last week, in a letter to the Consumer Financial Protection Bureau, AFSA reiterated support for innovation in the financial services industry but cautioned against overly restrictive use limitations. The CFPB’s proposed rulemaking to… Read the rest
CEO Roundtable | 2024 Vehicle Finance Conference & Expo
Jan 03, 2024
Get the insights you need for 2024 and beyond from the industry leaders in the know at the capstone session of AFSA’s Vehicle Finance Conference & Expo: the CEO Roundtable. Be a part of 2024’s best vehicle-finance industry gathering, with… Read the rest