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House Passes National Defense Authorization Act

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Last week, the U.S. House of Representatives passed the FY2022 National Defense Authorization Act (NDAA), which included three amendments on which AFSA commented in a previous letter to the House Rules Committee. AFSA supported two amendments and opposed one. In addition, the House passed an amendment aimed at ending arbitration agreements for members of the Armed Services. Below is a quick summary of the three amendments.   

Amendment #389 – AFSA Opposed 

This amendment extends consumer credit protections to active duty armed and uniformed consumers to dispute adverse actions or inaction on their credit report that occurred while they are away from their usual duty station. 

While AFSA supports members of the military and their families’ access to affordable and responsible credit products, this amendment, as drafted, would restrict access to credit for servicemembers and their families by incorporating less accurate credit data that would result in  less financial flexibility and higher borrowing costs. 

Amendment #445 – AFSA Supported 

This amendment expands the use of remote online notarization (RON) technology nationally and enables completion of the notarization process with the notary and signer in different physical locations. AFSA supports this amendment because it would expand access to notarization, allow for flexible accommodation, and afford consumers time to review documents. 

Amendment #559 – AFSA Supported 

This amendment adds the bipartisan SAFE Banking Act to the NDAA, which allows state-legal cannabis businesses to access the banking system and ends Operation Choke Point. Specifically, it prohibits a federal banking agency from terminating a banking relationship with a legal business unless there is a valid reason that is not based solely on reputational risk. AFSA has previously written to Congress on this issue, emphasizing that state licensed consumer finance companies, which are already highly regulated, should not be unfairly targeted due to political bias. 

While AFSA is broadly supportive of the NDAA, it will continue to engage with members of the Senate and their staff to prevent in the bill’s final passage the inclusion of any harmful amendments that restrict access to financial services and credit products for servicemembers and their spouses and all other consumers.   

House Passes National Defense Authorization Act
Sep 27, 2021

Last week, the U.S. House of Representatives passed the FY2022 National Defense Authorization Act (NDAA), which included three amendments on which AFSA commented in a previous letter to the House Rules Committee. AFSA supported Read the rest

The Customer Experience Journey: Is Your Company Keeping Up With The Times?
Sep 24, 2021

Join RSM’s industry leaders for a The Customer Experience Journey: Is Your Company Keeping Up With The Times? on October 7, 2021 at 2:00 p.m. ET to learn about the opportunities for lenders to adapt to these changes through innovation and an
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AFSA Comments on Proposed Rules from California DFPI
Sep 21, 2021

On September 17, AFSA submitted comments in response to proposed rules from the California Department of Financial Protection and Innovation (DFPI). The proposed rules set forth requirements for licensees to establish a process for receiving… Read the rest

AFSA, Joint Trades Comment on Tax Provisions in Reconciliation Package
Sep 17, 2021

Today, AFSA and about thirty other financial services trades sent a letter to the House Speaker Pelosi and Minority Leader McCarthy in advance of their consideration of a tax provision in the reconciliation package. The provision, which … Read the rest

Remarks from the FDIC You Can Bank On
Sep 16, 2021

AFSA is pleased to announce that Jelena McWilliams is confirmed as a featured speaker for AFSA’s Annual Meeting in Washington, D.C., from October 24 through October 27.

Ms. McWilliams was sworn in as the 21st Chairman of the FDIC on June 5, 2018.… Read the rest

Precision Decision: Using AI For Replicable 24/7 Lending
Sep 15, 2021

Consumers have been trained by the big tech companies to expect instant 24/7 everything, including loan approvals. AI-driven lending, by using more data and smarter math, delivers consistent and fast credit decisions even when the human… Read the rest

Cannon Confirmed: Get Ready to Be Blown Away!
Sep 14, 2021

AFSA is proud to confirm Carl M. Cannon, the dean of Washington political journalists, as a keynote speaker at its Annual Meeting in Washington, D.C.  Cannon will share his almost 40 years of political insights and experiences with AFSA attendees,… Read the rest

Highlighting the Role of Credit Reporting for Consumers
Sep 10, 2021

The credit report is one of the most important pieces of financial information available to consumers nationwide. It is the key to unlocking more lending options for a new home or car and even enhanced rental opportunities. The beauty of the… Read the rest

September White Paper is Out!
Sep 09, 2021

AFSA’s State Government Affairs September White Paper covers municipal debt collection laws. In addition to state and federal laws governing debt collection, at least five municipalities have gone beyond the federal and state restrictions… Read the rest

September’s Featured Business Partner is DataScan
Sep 08, 2021

September’s Featured Business Partner is DataScan. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2021. Learn more at onedatascan.com.

What are your financialRead the rest

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