Yesterday, AFSA sent a letter to both Senate Banking Chairman Tim Scott (R-SC) and House Financial Services Chairman French Hill (R-AR) congratulating them on their selection as chairmen for the 119th Congress, and reiterating our appreciation for both Senator Scott and Congressman Hill’s support of the consumer credit industry.
The letter, along with AFSA’s 2025 priorities document, highlighted the challenges that overregulation and government overreach have created for the financial services industry. Overregulation of financial services entities is a serious and growing problem, particularly with the unchecked Consumer Financial Protection Bureau (CFPB). And some issues currently facing the credit industry could result in an inability for hardworking Americans to receive credit.
AFSA also encouraged Congress to neither pass any type of arbitrary rate cap that would hinder the installment loan industry from granting loans to otherwise qualified people, nor cap late fees or swipe fees for the credit card industry. Limits on arbitration could delay or hamper consumers from receiving relief while benefiting trial lawyers. We also encouraged Congress to pass H.R. 306, the “Credit Repair Scam Act,” which would curtail credit repair practices that waste consumers’ time, money and unduly burden the financial industry without providing any relief to consumers.
Congratulations to the 119th Congress Chairman
Jan 15, 2025
Yesterday, AFSA sent a letter to both Senate Banking Chairman Tim Scott (R-SC) and House Financial Services Chairman French Hill (R-AR) congratulating them on their selection as chairmen for the 119th Congress, and reiterating our appreciation… Read the rest
AFSA’s Response to the Supervisory Highlights
Jan 15, 2025
Last week, AFSA responded to the CFPB’s Auto Finance Special Edition of Supervisory Highlights. While the goal of these publications is to “help industry limit risks to consumers and comply with federal consumer financial law,” this most… Read the rest
Innovations & Insights: Fraud and Data Trends 2025
Jan 14, 2025
The increased digitization of the lending process, the use of big data and analytics, and efforts to enhance competitive finance offers and access to credit present opportunities that also come with heightened fraud and data privacy risks.… Read the rest
In Times of Transition …
Jan 09, 2025
There has been a long-standing, albeit unwritten tradition in the midst of a transition with the U.S. Presidency and the Executive Branch, for federal agencies to suspend new rulemaking. As Senate Banking Committee Chairman Tim Scott (R-SC)… Read the rest
Business Partner Program Get the Glow Up
Jan 09, 2025
Working with the Business Partner Board, AFSA has developed a refreshed Business Partner program that provides enhanced benefits, clearer metrics and more opportunities for engagement with AFSA members.
AFSA Business Partners play a … Read the rest
New Kids on the Committee
Jan 09, 2025
Nine new members have been named to the House Financial Services Committee as the 119th Congress officially begins. A little bit about each new member is below.
1. Rep. Lisa McClain (R-Mich. 9): Congresswoman McClain was elected by her colleagues… Read the rest
Innovations & Insights: Cybersecurity Threats and Trends 2025
Jan 08, 2025
As the digital landscape evolves, cybersecurity threats are becoming more sophisticated and pose significant risks to organizations. This session will provide insights into the latest strategies, techniques, and tools to future-proof… Read the rest
AFSA Statement on New Orleans Attack
Jan 02, 2025
AFSA offers its deepest condolences to the victims of the attack in New Orleans during the city’s New Year’s Day celebrations, and our thoughts are with our member companies, business partners and their customers who live and operate in the … Read the rest
January White Paper: Review and Preview
Jan 02, 2025
AFSA’s State Government Affairs team released its latest white paper that highlights emerging topics in the 2024 legislative year that are expected to become highly debated issues in 2025. In 2024 artificial intelligence continued to… Read the rest
The 119th Congress
Jan 02, 2025
Welcome to the 119th Congress! January will be chock full of congressional, executive, and regulatory actions. AFSA will be meeting with members this week at the start of the new Congress in order to continue to protect fair access to capital… Read the rest