American Financial Services Association - NY’s Concerning Junk Fee Bill
Member login
American Financial Services Association

NY’s Concerning Junk Fee Bill

Blog Posts

Last week, the State Government Affairs team at AFSA sent a comment letter to the New York Senate regarding the proposed regulations for the New York Junk Fee Prevention Act. In the letter AFSA highlights concerns with the proposal and its wide-ranging scope and ambiguous wording which creates uncertainty for financial services.

The letter expresses that the proposed legislation would substantially increase the regulatory responsibilities imposed on AFSA members. This, in turn, would escalate operational expenses and heighten consumer eligible requirements for loans from our members. Such an outcome is likely to adversely affect the financial well-being and opportunities for financial advancement for New Yorkers without access to traditional banking credit. AFSA also cites concerns for the consequential effects of reduced financial mobility on communities and the overall state economy.

This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.

NY’s Concerning Junk Fee Bill
Feb 15, 2024

Last week, the State Government Affairs team at AFSA sent a comment letter to the New York Senate regarding the proposed regulations for the New York Junk Fee Prevention Act. In the letter AFSA highlights concerns with the proposal and its … Read the rest

Fed: Credit Balances on the Rise
Feb 15, 2024

Consumer credit balances reached a record $17.5 trillion in the fourth quarter of 2023, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, which draws on data from the bank’s Consumer… Read the rest

FTC “Unfair or Deceptive Fees” Rulemaking
Feb 15, 2024

The Federal Trade Commission (FTC) recently released a notice of proposed rulemaking concerning “unfair or deceptive fees.” AFSA commented on the proposed rule this week, agreeing with the FTC that consumers should be protected from … Read the rest

2024 Independents Conference Keynote Confirmed!
Feb 08, 2024

Strengthen every relationship you build. Gain more impact and influence in your life and your business at AFSA’s 2024 Independents Conference & Expo.

AFSA is pleased to announce that Lt. Col. (ret.) Scott Mann will keynote the 2024 Independents… Read the rest

Post-’24 Committee Leadership Will Change
Feb 01, 2024

As Congressional members continue to announce retirements and election match-ups become more clear, much speculation has been put into how committee leadership will change following the 2024 elections. The process to determine chairs… Read the rest

AFSA Supports Competition and Access to Credit
Jan 24, 2024

AFSA joined with the National Association of Industrial Bankers, the Utah Bankers Association, and the Nevada Bankers Association in a letter to all Senators in opposition to S. 3538, the misnamed “Close the Shadow Banking Loophole Act,”… Read the rest

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

1 14 15 16 17 18 19 20 21 22 23 24 151