AFSA signed onto a joint trade letter urging the House Financial Services Committee to introduce legislation aimed at curbing 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 claims of false in a credit report is inaccurate. 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.
The joint trades letter asks the Financial Services Committee Chairman Patrick McHenry (R-NC) and Ranking Member Maxine Waters (D-CA) to modernize the Credit Repair Organizations Act and rein in credit repair scams that lure consumers with the promise of a quick fix.
Also signing the letter: 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.
AFSA signed onto a joint trade letter urging the House Financial Services Committee to introduce legislation aimed at curbing the threat credit repair scams pose to consumers and credit markets.
As several state and federal regulators have… Read the rest
In this edition of the AFSA Extra Credit Podcast, we tackle the soon-to-be-effective FTC Safeguards Rule. Dailey Wilson, Attorney with Hudson Cook gives us the 35,000 foot view of the rule, some of the nitty gritty that companies will have … Read the rest
Service members, their families, the vehicle finance industry, and enthusiasts for statutory interpretation won in the 4th Circuit today. A panel of judges voted 2-1 to affirm a district court opinion in Davidson v. United Auto Credit Corporation.… Read the rest
AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Dan Bucherer.
Savvy Decision Making… Read the rest
The CFPB has released a policy statement intended to explain the legal prohibition on abusive conduct in consumer financial markets. In 2010, in response to the financial crisis, Congress passed the Consumer Financial Protection Act, and… Read the rest
The California Privacy Protection Agency (CPPA) recently published their final rules implementing the California Privacy Rights Act. The rules address a wide range of regulatory topics including data processing agreements, consumer… Read the rest
On March 30, the CFPB issued a final small business lending rule to implement Section 1071 of the Dodd-Frank Act. Under the rule, covered financial institutions will be required to collect and report to the CFPB data on applications for credit… Read the rest
The Power of Pricing Optimization in a Tumultuous Auto Finance Landscape
April 13, 2023 | 2:00 p.m. ET
The perfect storm has arrived in today’s auto finance market. Digitalization, inflation, increasing cost of funds, and evolving consumer… Read the rest
On April 3, 2023, AFSA submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) relating to its proposed rule creating a registry of contract terms (such as arbitration provisions) used by supervised non-bank financial… Read the rest
Fortegra is the Featured Business Partner for April.
For more than 40 years, Fortegra and its subsidiaries have delivered risk management solutions that help people and businesses succeed in the face of uncertainty.
Our diverse and comprehensive… Read the rest
