AFSA joined with the Consumer Bankers Association and the U.S. Chamber of Commerce in an amicus brief supporting a motion to dismiss a joint Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) enforcement action.
In January 2023, the CFPB and NY AG filed a lawsuit alleging an auto finance company engaged in predatory lending practices.
The joint trade brief provides important information about the vehicle finance industry, the CFPB and NY AG’s overreach, and the negative effect the government’s legal theories could have on all sorts of retail creditors and consumers.
First, the brief argues that the CFPB and NY AG “… are amending settled law that the financial services industry has been operating under, and relying on, for decades, and they are doing so outside of the formal notice-and-comment rulemaking process by filing suit against a single finance company …” Second, the brief states that the rules the CFPB and NY AG “… attempt to promulgate through litigation, would, if accepted, have a substantial negative impact on the retail sales finance industry, as well as the consumers that Congress tasked the Bureau with protecting.”
In addition, a group of U.S. Representatives on the House Financial Services Committee sent a letter to the CFPB expressing concerns about the lawsuit usurping the proper legislative and rulemaking process and requesting responses to questions posed within. The letter suggests that the CFPB’s actions could leave millions of hardworking Americans unable to access credit to buy a car.
AFSA Submits Amicus on CFPB/NY Lawsuit
Mar 22, 2023
AFSA joined with the Consumer Bankers Association and the U.S. Chamber of Commerce in an amicus brief supporting a motion to dismiss a joint Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) enforcement action.… Read the rest
The Cost of Credit
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The well documented failures of Silicon Valley and Signature Banks have raised fundamental questions about the role of federal regulators, the importance of regional vs. national banks, as well as the overall state of the U.S. economy.
Questions… Read the rest
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PayNearMe, a fast-growing fintech company radically improving the customer payment experience, today released survey findings that reveal inflation has impacted bill payment for the majority of survey respondents (74%). The online … Read the rest
The Inside Track w/ RSM
Mar 15, 2023
The Inside Track with RSM
AFSA’s breakout sessions always put attendees in the know and on the inside track, and this session is a must-attend for leaders looking to grow their businesses.
Join industry experts from RSM as they present… Read the rest
WANTED | Your Big Idea
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On Wednesday, April 19, the Aria Resort and Casino in Las Vegas will be buzzing with AFSA’s first solutions showcase, bringing together new AFSA Business Partner products and services that can help transform consumer credit operations. … Read the rest
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Affordability and creditworthiness are two key factors – really the two key factors – that determine whether Americans can get access to the credit they need. Unfortunately, rate caps have made affordable credit, especially… Read the rest
LISTEN | Marguerite Watanabe on Influences & Knowing Your Value
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AFSA is celebrating Women’s History Month with a special Extra Credit Podcast series, Industry Icons, featuring outstanding female leaders in the consumer credit industry. This episode features Marguerite Watanabe, President,… Read the rest
Himpler on the Hill
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AFSA CEO Bill Himpler testified this morning before the House Financial Services Subcommittee on Subcommittee on Financial Institutions and Monetary Policy about the Consumer Financial Protection Bureau’s (CFPB) refusal to operate … Read the rest
The State of State AG Action
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AFSA’s breakout sessions always put attendees in the know and on the inside track. Join Jason Dunn, former U.S. Attorney, former Colorado Deputy Attorney General, now a Brownstein Hyatt Farber Schreck Shareholder for a “State… Read the rest