Yesterday, the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to consider the Consumer Financial Protection Bureau’s (CFPB) rulemaking on Section 1071 of the Dodd-Frank Act. The rule will require financial institutions to collect, report, and retain certain data points on loan applications by small businesses.
AFSA sent a letter to Chairman Roger Williams (R-TX) ahead of the hearing to highlight the concerns with vehicle finance companies’ ability to comply with the CFPB’s rule. To comply with a Section 1071 rulemaking, indirect auto finance companies and banks will need auto dealers to collect information about an applicant’s race, color, religion, national origin, or sex. However, auto dealers are prohibited from gathering that information by Regulation B and the Federal Reserve’s 2011 rule. The letter requests Congress to weigh in with the CFPB in order to ensure vehicle finance companies are not placed in a position where they would be unable to comply.
During the hearing, Republicans generally sought to cast the rule’s new data collection and reporting requirements as overly costly and burdensome for small lenders and, in the case of racial and ethnic data reporting, potentially also discriminatory. In contrast, Democrats and their witness — Ms. Luz Urrutia of the Accion Opportunity Fund — argued that the data is necessary to ensure fair lending practices, particularly for women- and minority-owned businesses, and would not unduly hamper lenders.
AFSA Submits 1071 Letter to House Committee
Mar 29, 2023
Yesterday, the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to consider the Consumer Financial Protection Bureau’s (CFPB) rulemaking on Section 1071 of the Dodd-Frank Act. The rule will… Read the rest
Breakfast & Breakouts
Mar 29, 2023
Start your Thursday morning at the 2023 Independents Conference & Expo with your choice between two educative, exciting sessions, along with a bite to eat, thanks to our sponsor, FIMC.
Over the past year, with state and federal policymakers… Read the rest
LISTEN | Industry Icon Darcy Locke
Mar 28, 2023
AFSA is celebrating Women’s History Month with a special Extra Credit Podcast series, Industry Icons, featuring outstanding female leaders in the consumer credit industry. This episode features Darcy Locke, Vice President, Head… Read the rest
PayNearMe, Allied Business Systems Partner to Offer Lenders Wide Range of Options
Mar 23, 2023
PayNearMe and Allied Business Systems Partner to Offer Lenders a Wide Range of Modern Bill Pay Options With a Single Integration
PayNearMe, a fast-growing fintech company radically improving the customer payment experience, and Allied… Read the rest
Cox Automotive experts present Q1 market trends, forecasts
Mar 23, 2023
Cox Automotive experts to present Q1 2023 market trends and industry forecasts
The Cox Automotive Q1 Industry Insights and Forecast Call will be held on Monday, March 27, 11 a.m. EDT, shortly before the auto industry closes the book on the first… Read the rest
LISTEN | CFPB Registries with Manatt Experts
Mar 23, 2023
The experts from Manatt, Phelps & Phillips are back to discuss the Consumer Financial Protection Bureau’s (CFPB) registries on terms and conditions and “bad actors.” We dive deep on what each registry is, the motivation… Read the rest
Webinar | Digital Solutions Make Easier Payments Possible
Mar 22, 2023
Digital Solutions Make Easier Payments Possible
March 30, 2023 | 2:00 p.m. ET
Keeping up with evolving consumer payment preferences can seem like an impossible task. Integrating next-gen payment solutions can help you provide the payment… Read the rest
Hotel Cutoff March 27th!
Mar 22, 2023
The cutoff to book your accommodations for the 2023 Independents Conference & Expo at the special AFSA rate is March 27th!
We don’t want you to miss out on our keynotes or accommodations at the beautiful Aria Resort & Casino. … Read the rest
LISTEN | Industry Icons #4 w/ Mara McNeill
Mar 22, 2023
AFSA is celebrating Women’s History Month with a special Extra Credit Podcast series, Industry Icons, featuring outstanding female leaders in the consumer credit industry. This episode features Mara McNeill, President & … Read the rest
AFSA Submits Amicus on CFPB/NY Lawsuit
Mar 22, 2023
AFSA joined with the Consumer Bankers Association and the U.S. Chamber of Commerce in an amicus brief supporting a motion to dismiss a joint Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) enforcement action.… Read the rest