As part of AFSA work to bring our requests to the new acting director of the CFPB, Secretary Bessent, we signed a joint trades letter urge Secretary Bessent to withdraw the proposed rule expanding the scope of the Fair Credit Reporting Act (FCRA) to cover data brokers and related activity. The letter highlights to statutory conflicts that the proposed rule would create, raising significant concerns with its legality.
The proposed rule would also undermine financial institutions’ ability to combat identity fraud and comply with existing regulatory requirements, including customer identification procedures. The rule’s lack of a clear exception for such beneficial use cases could create operational challenges for financial services companies and expose consumers and financial institutions to greater risk.
AFSA also called for the rule to be rescinded in our letter to Secretary Bessent yesterday.
As part of AFSA work to bring our requests to the new acting director of the CFPB, Secretary Bessent, we signed a joint trades letter urge Secretary Bessent to withdraw the proposed rule expanding the scope of the Fair Credit Reporting Act (FCRA)… Read the rest
AFSA and other financial trade associations sent a letter yesterday to the CFPB’s new Acting Director Scott Bessett, asking him to immediately rescind its rule on the Registry of Nonbank Covered Persons Subject to Certain Agency and Court… Read the rest
This weekend, former Director Chopra announced that his tenure as head of the CFPB had concluded. Director Chopra continued to work up until his resignation became public. Late Friday, the CFPB indicated that actions that could generously… Read the rest
Today, Senators Bernie Sanders (I-VT) and Josh Hawley (R-MO) are introducing legislation to cap credit card interest rates at 10 percent. The legislation would be in effect for five years.
AFSA was quoted in the NYT opposing the bill: The… Read the rest
Today, President Trump announced that on January 31 he appointed Secretary of the Treasury Scott Bessent as acting director of the CFPB. As one of his first actions as acting director, Secretary Bessent ordered that the CFPB will:
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In the past two months the CFPB has worked overtime – literally – to reinforce its reputation as an agency of over-reach and unaccountability. Now, with no director and a new administration that has made it clear there will be a … Read the rest
AFSA congratulates Rep. French Hill(R-AR), on his election to the Chairmanship of the House Financial Services Committee. AFSA has worked with Representative Hill on a number of issues crucial to American consumers and the consumer credit… Read the rest
On January 29 the CFPB issued a report saying that U.S. military Servicemembers “pay higher costs and face greater financial risks” than their civilian neighbors when financing vehicles. This report insinuates that servicemembers are… Read the rest
On January 28, Elora Rayhan from AFSA’s State Government Affairs team testified at an Oregon committee hearing in opposition to OR HB 2561. This bill would opt-out the state from the Depository Institutions Deregulation and Monetary Control… Read the rest
