Last week, the Senate Banking Committee unveiled its portion of the “One Big Beautiful Bill (OBBB),” as President Trump’s top policy priorities move through Congress.
Senate Banking proposed to eliminate funding transferred from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB). Currently, the CFPB funds itself by requesting disbursements from the Federal Reserve and can request up to 12% of the Federal Reserve’s annual profits. The Senate Banking’s proposal seeks to reduce the current cap of 12% to 0%.
When the House of Representatives passed its version of OBBB (H.R. 1) in May, the Federal Reserve funding cap was reduced from 12% to 5%.
The Senate and House will have to arrive at an agreed-upon funding limit for the CFPB before the President can sign OBBB. Congressional leaders are aiming to reconcile their differences and have a final bill for passage before July 4. However, that date could slip depending on other provisions under debate among Republicans.
Last week, the Senate Banking Committee unveiled its portion of the “One Big Beautiful Bill (OBBB),” as President Trump’s top policy priorities move through Congress.
Senate Banking proposed to eliminate funding transferred from… Read the rest
The total balance on Americans’ student loans was $1.6 trillion as of the first quarter of this year, according to the Federal Reserve Bank of New York. This is roughly equal to the balance on outstanding auto loans, coming in behind only mortgages… Read the rest
For more than a hundred years the “Valid When Made” rule served the financial services industry, as well as its customers, well. However over the years state policymakers and the federal courts have taken legislative and judicial steps that
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This week the AFSA Education Foundation had the privilege of connecting with financial literacy advocates and educators at two events. These gatherings provided meaningful opportunities for the foundation to showcase its free resources,… Read the rest
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Agentic AI and Intelligent Document Processing are reengineering the auto finance experience – slashing funding times, automating workflows,
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Last week, AFSA responded to the Federal Trade Commission’s (FTC) request for feedback about regulations that create impediments to competition. Our letter shared concerns about how the FTC has shifted policy regarding the Holder Rule … Read the rest
Join us Thursday, June 5th at 2:00 p.m. EST
Auto finance portals are failing to meet customer expectations— according to a recent study, only 2% of industry websites and mobile apps provide a truly valuable digital experience. When portals
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Last week, AFSA, along with other associations, signed a letter supporting the reconciliation bill in the U.S. House. This legislation builds on the 2017 Tax Cuts and Jobs Act by extending and strengthening key provisions that fuel … Read the rest
Last week, AFSA, along with other associations, signed a letter to U.S. Senate leadership opposing Amendment 2239 to S. 1582, which proposes an all-in annual percentage rate (APR) cap of 10% for credit cards. While this amendment claims … Read the rest
Join us Thursday, June 5th at 2:00 p.m. EST
Auto finance portals are failing to meet customer expectations— according to a recent study, only 2% of industry websites and mobile apps provide a truly valuable digital experience. When portals
…
Read the rest
