Yesterday, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. AFSA attended the hearing, entitled “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work,” which covered a range of issues, including mortgage, medical debt, credit card rate caps, and student loans.
During the hearing, Ranking Member Tim Scott (R-SC), Sen. Thom Tillis (R-NC), and Sen. Katie Britt (R-AL) called for CFPB reform. Senator Britt specifically called out “regulation by blog post” and said that reforming the CFPB “should be an immediate priority of the next Congress.” Sen. Mike Rounds (R-SD) mentioned during his exchange with Director Chopra that he would be looking closely at which rules will be subject to the Congressional Review Act during the 119th Congress.
Several senators mentioned the CFPB’s recent legal agreement with prominent credit repair companies. Sens. Tina Smith (D-MN), Mark Warner (D-VA), and Chris Van Hollen (D-MD) all praised the CFPB for their work in combating credit repair. The AFSA-supported credit repair reform bill would help to continue to protect American consumers from these predatory companies.
Barring unforeseen circumstances this is Director Chopra’s final hearing on the Hill this Congress. Director Chopra has not indicated whether he would resign before President-elect Trump takes office, telling Ranking Member Scott that while he was confirmed for a five-year term he respects that “the president can remove us at any time, any day.”
Chopra’s Final Hearing This Congress
Dec 13, 2024
Yesterday, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. AFSA attended the hearing, entitled “Consumer Protection: Protecting… Read the rest
Capital Policy Update | 2025 Vehicle Finance Conference & Expo
Dec 11, 2024
Amid lingering questions about consumer confidence, sustainable economic growth, deficit spending, trade issues, and the political and regulatory agendas that inform them, state and federal policymakers – elected officials, regulators,… Read the rest
AI Behind the Wheel | 2025 Vehicle Finance Conference & Expo
Dec 11, 2024
AI Behind the Wheel: How It’s Steering Strategies for Auto Finance
While the financial services industry has long utilized AI and machine learning, auto financiers continue to innovate and harness advanced AI capabilities to enhance … Read the rest
Exemption for Floorplan and Inventory Financing
Dec 05, 2024
AFSA’s State Government Affairs team submitted a comment letter to the New Jersey Senate requesting amendments to S 1397. As currently written, S 1397 requires a new set of disclosures to borrowers at the time credit is initially offered.… Read the rest
Who Gets the Gavel Next?
Dec 05, 2024
The House GOP’s Steering Committee is meeting next week to determine committee chairs for the 119th Congress. Four House Financial Services Committee members are in the running for the gavel following current Chairman Patrick McHenry’s… Read the rest
Greeting a New Administration
Nov 22, 2024
Yesterday, AFSA sent a letter to President-elect Trump to re-familiarize him with the mission of AFSA and its members. Recent overreach by such regulators as the Consumer Financial Protection Bureau (CFPB) have hurt businesses trying to… Read the rest
Business Partner Webinar | Secrets to Digital Excellence in Auto Finance with Lightico & GM Financial
Nov 22, 2024
Join Lightico and GM Financial on December 5th at 2:oo p.m. EST to discover how digitization is reshaping auto finance. Learn how GM Financial streamlined customer processes, improved efficiency and ensured compliance while delivering… Read the rest
2024 AFSA State Trifecta and Majority Breakdown
Nov 22, 2024
AFSA’s State Government Affairs team released their state trifecta and majority overview.
Michigan and Minnesota lost their Democrat trifectas by losing control of their respective state houses, while New Hampshire Republicans held… Read the rest
What is a Lame-Duck Session?
Nov 22, 2024
A lame-duck session of Congress occurs whenever one Congress meets after its successor is elected, but before the successor’s term begins. In current practice this means any meeting of Congress after Election Day, but before… Read the rest
AFSA + NOLA? Let’s Geaux!
Nov 18, 2024
Join the discussion with an outstanding lineup of speakers offering invaluable insights on the fast-evolving vehicle-finance landscape, tackling pressing topics, and highlighting potential challenges, opportunities, and innovative… Read the rest