Today, AFSA responded to the CFPB’s proposed nonbank registry related to enforcement. The proposed rule would require nonbank-covered persons to register and submit specific information to the proposed registry regarding final, public orders issued by federal, state, or local agencies or courts. AFSA is concerned that the new registry seems currently structured to “name and shame” rather than act as a useful tool to effectively monitor and reduce any potential risks to consumers. The letter outlines three key issues AFSA finds with the proposed registry:
- The CFPB does not have the authority to create the executive attestation requirement.
- The proposed rule is overly broad and conflicts with a multitude of consumer protections already in place.
- A backward-looking registry is illogical and could lead to multiple actions by multiple regulators for the same activity that has already been addressed.
The registry as proposed would create a chilling effect on the ability of nonbank financial institutions and state agencies to resolve matters. The institutions may be much less willing to enter into consent agreements if they know that it is going to be included in such a registry and leave them vulnerable as a potential target for trivial class-action lawsuits. The attorneys that bring these class-action suits would benefit more from the proposed rule than consumers would. AFSA and its members continue to work with the CFPB to ensure that American consumers have access to safe credit, but we do not believe the proposed registry is aligned with this goal.
AFSA Responds to CFPB’s Proposed Nonbank Registry
Mar 31, 2023
Today, AFSA responded to the CFPB’s proposed nonbank registry related to enforcement. The proposed rule would require nonbank-covered persons to register and submit specific information to the proposed registry regarding… Read the rest
WATCH TODAY | Digital Solutions Make Easier Payments Possible
Mar 30, 2023
Join us TODAY at 2:00 p.m. ET for Digital Solutions Make Easier Payments Possible, presented by REPAY.
Keeping up with evolving consumer payment preferences can seem like an impossible task.
Join Stacey Precour, Senior Sales Executive, … Read the rest
AFSA Submits 1071 Letter to House Committee
Mar 29, 2023
Yesterday, the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to consider the Consumer Financial Protection Bureau’s (CFPB) rulemaking on Section 1071 of the Dodd-Frank Act. The rule will… Read the rest
Breakfast & Breakouts
Mar 29, 2023
Start your Thursday morning at the 2023 Independents Conference & Expo with your choice between two educative, exciting sessions, along with a bite to eat, thanks to our sponsor, FIMC.
Over the past year, with state and federal policymakers… Read the rest
LISTEN | Industry Icon Darcy Locke
Mar 28, 2023
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 Darcy Locke, Vice President, Head… Read the rest
PayNearMe, Allied Business Systems Partner to Offer Lenders Wide Range of Options
Mar 23, 2023
PayNearMe and Allied Business Systems Partner to Offer Lenders a Wide Range of Modern Bill Pay Options With a Single Integration
PayNearMe, a fast-growing fintech company radically improving the customer payment experience, and Allied… Read the rest
Cox Automotive experts present Q1 market trends, forecasts
Mar 23, 2023
Cox Automotive experts to present Q1 2023 market trends and industry forecasts
The Cox Automotive Q1 Industry Insights and Forecast Call will be held on Monday, March 27, 11 a.m. EDT, shortly before the auto industry closes the book on the first… Read the rest
LISTEN | CFPB Registries with Manatt Experts
Mar 23, 2023
The experts from Manatt, Phelps & Phillips are back to discuss the Consumer Financial Protection Bureau’s (CFPB) registries on terms and conditions and “bad actors.” We dive deep on what each registry is, the motivation… Read the rest
Webinar | Digital Solutions Make Easier Payments Possible
Mar 22, 2023
Digital Solutions Make Easier Payments Possible
March 30, 2023 | 2:00 p.m. ET
Keeping up with evolving consumer payment preferences can seem like an impossible task. Integrating next-gen payment solutions can help you provide the payment… Read the rest
Hotel Cutoff March 27th!
Mar 22, 2023
The cutoff to book your accommodations for the 2023 Independents Conference & Expo at the special AFSA rate is March 27th!
We don’t want you to miss out on our keynotes or accommodations at the beautiful Aria Resort & Casino. … Read the rest