AFSA, along with several other trade associations, submitted an amicus brief in Sessa v. TransUnion. In the case, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) argue that the Fair Credit Reporting Act (FCRA) does not distinguish between “legal” and “factual” inaccuracies, and thus credit reporting agencies (CRAs) may be held liable for failing to maintain reasonable procedures to prevent even inaccuracies that turn on legal questions regarding the underlying debt or credit information.
The amici curiae released the below statement along with the full amicus brief.
“The Fair Credit Reporting Act requires credit reporting agencies to guard against factual inaccuracies, not to resolve legal disputes. We’re asking the Second Circuit to reject the CFPB’s theory, which would require credit reporting agencies and furnishers to adjudicate legal disputes that courts should resolve. That approach would have damaging economic consequences for consumers, furnishers, and credit reporting agencies.”
AFSA will continue to monitor this case closely.
AFSA Amicus in Sessa v. TransUnion
Aug 05, 2022
AFSA, along with several other trade associations, submitted an amicus brief in Sessa v. TransUnion. In the case, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) argue that the Fair Credit Reporting … Read the rest
Fed Report Highlights Need for Credit Access
Aug 04, 2022
The New York Federal Reserve released a report on Tuesday noting that credit card debt in 2022 has surged in the second quarter, up $46 billion or 5.5% as compared to the first quarter. “Americans are borrowing more, but a big part of the increased… Read the rest
SGA Covers Electronic and Remote Online Notarization
Aug 03, 2022
AFSA’s State Government Affairs team recently released its latest White Paper. This month’s white paper is on electronic and remote online notarization. The white paper takes a deep dive on the legislative and regulatory history of electronic… Read the rest
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Aug 03, 2022
August Featured Business Partner | Lightico
Aug 01, 2022
The featured AFSA Business Partner for August is Lightico. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2022. Learn more at lightico.com.
What are some key initiatives… Read the rest
Don’t Miss AFSA’s August Business Partner Special
Aug 01, 2022
Join as an AFSA Business Partner by August 31st and receive a complimentary registration to the 2022 AFSA Annual Meeting at the historic Breakers Hotel in Palm Beach – a $1499 value!
Founded in 1916, AFSA is the primary trade association for … Read the rest
House Passes SECURE Act
Jul 28, 2022
The House yesterday passed H.R. 3962, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021, also known as the SECURE Act, with a vote of 336-90. Introduced by Reps. Madeleine Dean (D-PA), Kelly Armstrong… Read the rest
LISTEN | Philip & Dan Buy Cars Pt. 1
Jul 28, 2022
We’ve got an special series of episodes for you here on the AFSA Extra Credit Podcast. Over the next three episodes or so, I’ll be joined by my colleague Philip Bohi, AFSA’s VP of Compliance Education to discuss our recent purchases of new vehicles.… Read the rest
Ease Inflation But Remember Consumers
Jul 28, 2022
The U.S. Census Bureau last year launched a survey on the financial health of American households. While the Census survey is new and has little historical data to draw upon, the most recent iteration of the tracking survey confirms the challenges… Read the rest
Break Away & Grow at the AFSA Annual Meeting
Jul 26, 2022
Join us for AFSA’s 2022 Annual Meeting at one of America’s most iconic resorts – The Breakers in Palm Beach, Florida.
Discuss how one of America’s most crucial industries – consumer credit – is creating opportunity for our customers while sustaining… Read the rest