Earlier this month, the CFPB responded to a bipartisan Congressional letter seeking the Bureau’s definition of the term “risk to consumer” for certain nonbank entities in the Bureau’s Supervisory Authority. While we appreciate that the CFPB responded, it did not provide substantive clarity on the central question surrounding risk. Interestingly, the CFPB’s initial motive for this rulemaking was aimed at the “fast-growing companies in nontraditional areas of the consumer finance market.”
However, it is concerning that the Bureau has decided to use this authority against established entities that are highly regulated either at the state or federal levels. It is also unfortunate to see the Bureau reiterating the use of unverified “consumer complaints” to spur CFPB action and to serve as a deciding factor while publicly singling out entities.
AFSA has been very involved with this rulemaking, and will continue to engage with the CFPB as we seek a clear definition.
What is “Risk to Consumer”?
Mar 15, 2024
Earlier this month, the CFPB responded to a bipartisan Congressional letter seeking the Bureau’s definition of the term “risk to consumer” for certain nonbank entities in the Bureau’s Supervisory Authority. While… Read the rest
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
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I am so grateful for my mother helping me lay the foundation for a strong work ethic.… Read the rest
Women’s History Month | Valerie Tolhurst
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
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As a Human Resources professional, the biggest lesson I learned was to learn all … Read the rest
Women’s History Month | Meg Michiels
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
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PayNearMe Introduces Smart Switch™ to Enable Card Processing Redundancy for Lenders
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Every minute of downtime lenders experience is expensive—leading to missed payments, high customer service costs and reputational risks. By connecting lenders to multiple merchant processors through a single platform integration,… Read the rest
Women’s History Month | Ronda Cepeda
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
Embracing my uniqueness. As a woman, it’s essential to recognize and celebrate… Read the rest
Women’s History Month | Yordanka Martin
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What do you wish you of today could have told the younger you about building a career?
I wish I could tell my younger self to focus… Read the rest
Women’s History Month | Suzi Straffon
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AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
Keep going and continue to work hard. You never know what’s around the next corner!… Read the rest
Women’s History Month | Bethany Slomski-Rangel
Mar 08, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
The most important lesson I’ve learned stems from a profound piece of advice given… Read the rest
Women’s History Month | Heather Slyman
Mar 08, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
My career started as a Programmer/Analyst at Boeing and later led to 21 Years in lending, 11 years of that in auto finance,… Read the rest