On June 15th, AFSA sent a Financial Services Floor Package HR 2543 Letter to House Speaker Nancy Pelosi (D-CA) and Republican Leader Kevin McCarthy (R-CA) detailing the association’s position on several proposed amendments to the bills within the legislative package that makes up HR 2543, the Federal Reserve Racial and Economic Equity Act.
AFSA and its members strongly support the ability of all consumers to access safe and regulated credit products that fit their financial needs, regardless of where they live. However, the AFSA missive notes, HR 166, one of the bills included in the HR 2543, “could unnecessarily add confusion by requiring lenders to ask their customers to provide sensitive personal and private information.”
AFSA supports the proposed amendment by Rodney Davis (R-IL) and other Republicans that repeals the Small Business Loan Data Collection requirement under the Equal Credit Opportunity Act. Without this amendment, covered financial institutions would be required to compile, maintain, and report information concerning credit applications made by small businesses, including women-owned, minority-owned businesses. The AFSA letter notes that the collection and maintenance of the data may not even result in useful data for the CFPB.
AFSA also notes concern for an Ayanna Pressley (D-MA) amendment that requires creditors to have an American Sign Language interpreter. AFSA supports the amendment’s overall intent to provide clear communications for all consumers. However, as drafted, the amendment’s scope raises potential compliance issues for financial services providers, especially for small financial institutions located in rural areas.
AFSA’s State Government Affairs (SGA) recently published its most recent white paper covering vehicle data privacy. Vehicles have become more connected and complex in recent years, collecting a wide range of data, such as speed, location,… Read the rest
Join us on June 16 at 2:00 p.m. ET for Top of Wallet: Meeting Mobile Expectation, presented by ACI Worldwide.
Nearly 40 percent of Millennials prefer to make their car payment through a mobile channel, almost double the rate from just one … Read the rest
Smart regulations, fair competition, and increased innovation have always benefitted American consumers. However, this week, Congress focused on four proposals that would create more roadblocks for consumers and small business seeking… Read the rest
Savings, Labor Productivity, and Household Debt
By Perc Pineda, Chief Economist & VP, Research | AFSA
The personal savings rate has decreased to 4.4% in April – down from 12.6% a year earlier and 33.8% two years prior. The decrease in savings… Read the rest
Join us on June 9 at 2:00 p.m. ET for Auto Finance Data Trends & How One Lender is Ahead of the Game, presented by Lightico
In this program, we’ll take a look at the latest auto lending consumer survey data to see what consumers are experiencing … Read the rest
The featured AFSA Business Partner for June is Amsive.
Consumers signal individuality in all kinds of ways. Today marketers must listen and act on those signals. At Amsive, we give you the tools to know more and the services to do more. We give… Read the rest
Join us on June 2nd for Understanding the Newest Generation of Bill Payers, presented by PayNearMe.
How do consumers ages 18-29 prefer to pay bills? What causes them to pay late? How does this differ from older generations?
In this webinar,… Read the rest
AFSA’s Human Resources Networking Group will host a crucial conversation for members in the month of June.
Over the past few years, AFSA members have described the increased difficulty in recruiting, training, and retaining the staff needed… Read the rest
