AFSA, in conjunction with our members, has worked to compile a list of policy requests to bring transparency and accountability to the Consumer Financial Protection Bureau (CFPB). These policies, focused on reforming the CFPB, will decrease confusion in the marketplace that the Bureau’s overregulation has been instilling.
Every consumer deserves access to some form of credit; they shouldn’t have to worry in times of need about not getting the credit they need to keep their financial lives on track. Reasonable regulations that protect consumers’ access to credit are crucial to their financial stability and their economic mobility. Consumers deserve to be confident they are protected, while creditors deserve certainty and clarity so they can serve consumers and not be caught in a regulatory game of “gotcha.”
The new CFPB director should:
- Stop rulemaking via guidance, adopt policies and procedures to ensure that rulemaking is done in compliance with the Administrative Procedures Act (APA), and create an Office of Economic Analysis;
- Pause current rulemakings to review, rescind or revise certain final rules, and examine areas for which new rulemaking might be necessary;
- Stop “risk-based” supervision, reassess Supervisory Highlights, supervise more efficiently, and make changes to the consumer complaint database; and
- Pause and review current enforcement actions and institute additional policies and procedures for enforcement actions and civil investigative demands (CIDs).
The CFPB’s overreaching regulations are harming – not helping – consumers. It’s time for accountability and transparency from the CFPB.
Time for Accountability is Now
Jan 28, 2025
AFSA, in conjunction with our members, has worked to compile a list of policy requests to bring transparency and accountability to the Consumer Financial Protection Bureau (CFPB). These policies, focused on reforming the CFPB, will decrease… Read the rest
AFSA Education Foundation (AFSAEF) in Action
Jan 22, 2025
The AFSA Education Foundation is celebrating a milestone event this year, its 35th anniversary and thanks to the generosity of AFSA member representatives giving their time and financial resources annually and to establish an endowment,… Read the rest
AFSA Supports Bipartisan Credit Repair Scam Legislation
Jan 15, 2025
Reps. Sarah McBride (D-DE) and Young Kim (R-CA) reintroduced the bipartisan “Ending Credit Repair Scams Act” (HR 306) last week. This bipartisan legislation would protect financially distressed consumers from shady credit repair organizations… Read the rest
Congratulations to the 119th Congress Chairman
Jan 15, 2025
Yesterday, AFSA sent a letter to both Senate Banking Chairman Tim Scott (R-SC) and House Financial Services Chairman French Hill (R-AR) congratulating them on their selection as chairmen for the 119th Congress, and reiterating our appreciation… Read the rest
AFSA’s Response to the Supervisory Highlights
Jan 15, 2025
Last week, AFSA responded to the CFPB’s Auto Finance Special Edition of Supervisory Highlights. While the goal of these publications is to “help industry limit risks to consumers and comply with federal consumer financial law,” this most… Read the rest
Innovations & Insights: Fraud and Data Trends 2025
Jan 14, 2025
The increased digitization of the lending process, the use of big data and analytics, and efforts to enhance competitive finance offers and access to credit present opportunities that also come with heightened fraud and data privacy risks.… Read the rest
In Times of Transition …
Jan 09, 2025
There has been a long-standing, albeit unwritten tradition in the midst of a transition with the U.S. Presidency and the Executive Branch, for federal agencies to suspend new rulemaking. As Senate Banking Committee Chairman Tim Scott (R-SC)… Read the rest
Business Partner Program Get the Glow Up
Jan 09, 2025
Working with the Business Partner Board, AFSA has developed a refreshed Business Partner program that provides enhanced benefits, clearer metrics and more opportunities for engagement with AFSA members.
AFSA Business Partners play a … Read the rest
New Kids on the Committee
Jan 09, 2025
Nine new members have been named to the House Financial Services Committee as the 119th Congress officially begins. A little bit about each new member is below.
1. Rep. Lisa McClain (R-Mich. 9): Congresswoman McClain was elected by her colleagues… Read the rest
Innovations & Insights: Cybersecurity Threats and Trends 2025
Jan 08, 2025
As the digital landscape evolves, cybersecurity threats are becoming more sophisticated and pose significant risks to organizations. This session will provide insights into the latest strategies, techniques, and tools to future-proof… Read the rest