On May 31, AFSA submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding proposed changes to its Supervisory Authority Over Certain Nonbank Covered Persons. These changes would allow the Bureau to publicize its designation of a nonbank covered person as a “risky business.” The letter expresses concern that the change in the confidentiality of proceedings would create unfair distrust of the named companies, especially given that the Bureau has still not defined what it considers a “risk to consumers.”
If the Bureau designates a business as risky, it sends a message to the market that something is wrong with that business. Without the ability to make public remarks about the supervision, the business would be left without a way to defend itself against the harmful designation. This public designation is especially problematic as there is still a lack of a clear and concise definition of the “risks to consumers” from the Bureau. As AFSA’s letter notes, “providing a bright-line definition would clarify to the covered persons what the Bureau considers inappropriate conduct and aid the Bureau in allocating its time to properly supervise truly risky businesses.”
On May 31, AFSA submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding proposed changes to its Supervisory Authority Over Certain Nonbank Covered Persons. These changes would allow the Bureau to publicize its designation… Read the rest
AFSA’s State Government Affairs (SGA) team published two 50-state surveys last week on de minimis refund exemptions and collection of time-barred debt.
In some consumer credit transactions, the contract may have an excess balance after… Read the rest
The basic function of the Freedom of Information Act (FOIA) is to ensure a transparent and accountable government, which is vital to the functioning of a democratic society. Since 1967 FOIA has provided the public the right to request access… Read the rest
Did you miss attending the conference? Have a colleague who will benefit from AFSA’s outstanding conference content? Our AFSA Conference Download is your ticket to the 2022 Independents Conference.
With the AFSA Conference Download,… Read the rest
We’ve got a special episode on the Extra Credit Podcast. AFSA Senior Vice President Celia Winslow appeared on the Auto Remarketing Podcast last week with host Nick Zulovich to discuss a number of issues, including some key regulatory developments… Read the rest
This week, the Committee on Energy and Commerce Subcommittee on Consumer Protection and Commerce, held a hearing on legislative proposals to protect consumers and strengthen the economy. The hearing touched on several House bills including… Read the rest
Whether you’re looking to learn more about the digital consumer or understand the newest generation of bill payers, AFSA’s webinar program has you covered.
Register for all of the webinars below at afsaonline.org/webinars… Read the rest
There is plenty of bad economic news to go around: Inflation trends not seen in more than 40 years; 401(k)s and investment funds taking devastating hits seemingly every day; skyrocketing fuel prices and business costs; ongoing supply chain… Read the rest
The American Financial Services Association (AFSA) was greatly saddened to learn of the unexpected death of John W. Ryan, President and Chief Executive Officer of the Conference of State Bank Supervisors (CSBS).
“As the longtime leader … Read the rest
