AFSA’s State Government Affairs recently released its July white paper that examines growing concerns about the “true lender” doctrine and state efforts to curb evasion of interest rate caps through bank-fintech partnerships.
While banks can legally export interest rates under federal law, some states argue that non-bank partners effectively act as lenders and are using these partnerships to bypass state usury laws. In response, several states have enacted or considered anti-evasion laws to define true lenders based on who holds the predominant economic interest, signaling a shift toward stricter consumer lending regulations.
This and other SGA letters are on the direct advocacy section of AFSA’s website.
AFSA’s State Government Affairs recently released its July white paper that examines growing concerns about the “true lender” doctrine and state efforts to curb evasion of interest rate caps through bank-fintech … Read the rest
The recently signed “One Big Beautiful Bill” (OBBB) is a sprawling piece of legislation that will affect just about every facet of the American economy, including the financial lives of consumers. While many AFSA members were focused on … Read the rest
Join us Thursday, July 24th at 2:00 p.m. EST!
In today’s competitive lending environment, standing out locally is more critical than ever. While Fintechs leverage speed and scale, traditional and nonbank lenders have a powerful asset they
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The Senate passed the budget reconciliation legislation (commonly called the “One Big Beautiful Bill) by a vote of 51-50 today (July 1), with Vice President JD Vance giving the Republicans the tie-breaking vote for final Senate passage. … Read the rest
The American Financial Services Association, the nation’s oldest trade association solely focused on the consumer credit industry, today formally handed the reins of leadership to Celia Winslow as the trade group’s President and Chief… Read the rest
Uncertain economic conditions make it hard for already financially burdened U.S. consumers to meet their basic needs and prepare for future costs. Surveys estimate that almost half of Americans have less than $500 in savings to cover emergency… Read the rest
Last week the House Financial Services Subcommittee on Oversight & Investigations held a hearing entitled, “From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.” The focus was on regulations… Read the rest
As was widely expected, the Federal Reserve announced last week that it was leaving short-term interest rates unchanged. Thus, the target range of the federal funds rate stands at 4.25 percent to 4.5 percent, as it has since last December. … Read the rest
This week, Rep. Sarah McBride (D-DE) testified before the House Financial Services Committee in support of the Ending Scam Credit Repair Act (ESCRA). This bipartisan bill sponsored by Reps. McBride and Young Kim (R-CA) targets deceptive… Read the rest
Join us on June 26, 2025 at 2:00 p.m. EST!
When lenders only zero-in on per-transaction fees, they miss what’s really driving up total cost of acceptance: avoidable payment exceptions, manual agent intervention and legacy technology.
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