On July 18, 2025, AFSA submitted a comment letter regarding the CFPB’s plan to make changes to how it uses money collected from fines imposed on financial institutions. Previously, the money collected in fines was placed in the Civil Penalty Fund. From there, the money might go to making consumer’s whole or be allocated to consumer education and financial literacy. The CFPB has proposed to change this to direct 100% of money in the Civil Penalty Fund to go back to consumers affected.
AFSA agrees that money collected for alleged violations of law should be provided to affected consumers. The CFPB has access to ample funding from the Federal Reserve as well as the ability to impose fines on companies who deny breaking the law. Letting the CFPB decide how to use funds in the Civil Penalty fund perpetuates a culture of limited accountability and oversight in the Bureau.
On July 18, 2025, AFSA submitted a comment letter regarding the CFPB’s plan to make changes to how it uses money collected from fines imposed on financial institutions. Previously, the money collected in fines was placed in the Civil Penalty… 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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In this episode of the AFSA Extra Credit Podcast, host Dan Bucherer chats with Stephen McDaniel, CEO of F&I Sentinel, about a critical question: why do so many F&I product refund solutions fail?
Stephen and Dan explore the complexities… Read the rest
The FDIC unanimously voted today (July 15) to withdraw its Parent Companies of Industrial Banks and Industrial Loan Companies (ILC) proposed rule issued in August 2024. As drafted, the proposed rule discouraged future applications … Read the rest
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
…
Read the rest
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
