AFSA signed a joint trade urging the Senate Banking Committee to introduce legislation to limit the threat credit repair scams pose to consumers and credit markets.
As several state and federal regulators have warned, credit repair organizations take advantage of consumers trying to improve their financial situation by inundating financial services providers with meritless and duplicative credit report claims. Unfortunately, these activities “jam” the credit reporting system with illegitimate claims that divert resources from authentic consumer disputes, which cost Americans money for no actual value.
A fair and accurate credit reporting system is essential for both hardworking Americans and businesses that provide affordable credit.
The joint trades letter asks Senate Banking Committee Chair Sen. Sherrod Brown (D-OH) and Ranking Member Sen. Tim Scott (R-SC) to modernize the Credit Repair Organizations Act and rein in credit repair scams that lure consumers with the promise of a quick fix.
The American Bankers Association, ACA International, Consumer Bankers Association, Consumer Data Industry Association, Credit Union National Association, National Association of Federally-Insured Credit Unions, National Bankers Association, and the U.S. Chamber of Commerce also signed the letter.
AFSA Sound Alarm on Credit Repair Scams
May 04, 2023
AFSA signed a joint trade urging the Senate Banking Committee to introduce legislation to limit the threat credit repair scams pose to consumers and credit markets.
As several state and federal regulators have warned, credit repair organizations… Read the rest
AFSA Comments on CFPB’s Late Fees Rule
May 03, 2023
Today, AFSA commented on the CFPB’s proposal to radically reduce the safe harbor dollar amount for late fees. AFSA asked the CFPB not to proceed with rulemaking, as the proposal fundamentally misunderstands the role of late fees, would negatively… Read the rest
May White Paper | Algorithms, AI, and Automated Decisionmaking
May 02, 2023
AFSA’s State Government Affairs team published it’s May white paper focusing on algorithms, artificial intelligence, and automated decisionmaking.
Artificial intelligence (AI) and algorithms have transformed numerous… Read the rest
FEATURED BUSINESS PARTNER | RSM
May 01, 2023
The featured Premier Business Partner for May is RSM.
RSM US LLP is the leading provider of audit, tax and consulting services focused on the middle market, with 9,000 people in 90 offices nationwide. Our full range of services help specialty… Read the rest
Economic Matters
Apr 27, 2023
Economic growth slowed sharply in first quarter of 2023; consumer spending held solid, but for how much longer?
The Bureau of Economic Analysis’ advance estimate of real GDP for the first quarter of 2023 showed an increase of 1.1 percent compared… Read the rest
LISTEN | Melinda Zabritski on the State of the Vehicle Finance Industry
Apr 26, 2023
In this edition of the AFSA Extra Credit Podcast, Dan chats with Melinda Zabritski, Senior Director for Experian’s automotive financial services team. She swings by to give listeners a look into what we can glean from Experian’s… Read the rest
WATCH | Lender Best Practices in VPPs
Apr 26, 2023
Join us TOMORROW April 27 at 2:00 p.m. ET for Voluntary Protection Products – Lender Best Practices to Address the Compliance Risk presented by F&I Sentinel.
Over the last several years, scrutiny placed on lenders in connection with … Read the rest
AFSA Supports CFPB Transparency
Apr 26, 2023
This week, AFSA submitted a comment letter to House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) and Ranking Member Rep. Maxine Waters (D-CA) supporting the Consumer Financial Protection Bureau (CFPB) Transparency … Read the rest
Study: MoneySKILL Improves Financial Literacy
Apr 26, 2023
The AFSA Education Foundation is finishing Financial Literacy Month with a bang by releasing impressive research findings from an impact evaluation done in collaboration with Professor of Economics Dr. Carly Urban from Montana State University.… Read the rest
LISTEN | Industry Icon Ginger Herring
Apr 21, 2023
The AFSA Extra Credit Podcast Industry Icon series continues, featuring outstanding female leaders in the consumer credit industry. This episode features Ginger Herring, President & CEO of 1st Franklin Financial. She chats with Danielle… Read the rest