This month, the House is scheduled to vote on a slate of financial services bills related to corporate governance, including political activities, climate risks, and employee pay disclosure. Below is a summary of the legislation, which we expect will pass. However, the future of these bills in the Senate is much less certain.
H.R. 1187 – ESG Disclosure Simplification Act
- This bill would establish new disclosure requirements for Environment, Social, and Governance (ESG) metrics and create a Sustainable Finance Advisory Committee within the Securities and Exchange Commission (SEC).
H.R. 1087 – Shareholder Political Transparency Act
- This bill would require public companies to submit quarterly reports to both the SEC and investors detailing the amount, date, and nature of the company’s expenditures for political activities and other related information.
H.R. 1188 – Greater Accountability in Pay Act
- This bill would require public companies to disclose the pay raise percentage of its executives and the pay raise percentage of its median employee over the past year, compare each to the rate of inflation, and require public companies to disclose the ratio between the two percentages.
H.R. 2570 – Climate Risk Disclosure Act
- This bill would require public companies to disclose in their annual reports information relating to the financial and business risks associated with climate change. The bill would also require the SEC to establish, in consultation with other relevant federal agencies, climate-related risk disclosure metrics and guidance, which would be industry-specific, and would require companies to make both quantitative and qualitative disclosures.
H.R. 3007 – Disclosure of Tax Havens and Offshoring Act
- This bill would require public companies to disclose (in their 10-Qs and 10-Ks) their total pre-tax profits, and total amounts paid in state, federal, and foreign taxes. The bill would also require companies to disclose a number of specific tax-related items for each of its subsidiaries, as well as on a consolidated basis, such as total accrued tax expenses, stated capital, and total accumulated earnings.
AFSA will continue to monitor these bills and update its membership.
This month, the House is scheduled to vote on a slate of financial services bills related to corporate governance, including political activities, climate risks, and employee pay disclosure. Below is a summary of the legislation, which … Read the rest
This is the first edition of AFSA’s State of Credit Series as Danielle Fagre Arlowe, Senior Vice President and head of the State Government Affairs team speaks with regulators from around the country. We’ll make our way through all 50 states… Read the rest
AFSA’s State Government Affairs Team recently published a white paper covering payday lending databases. The paper highlights state efforts to create databases of outstanding loans for payday lenders and the issues associated with these… Read the rest
On June 2, the Illinois Financial Services Association and AFSA jointly filed a lawsuit against the State of Illinois and the Illinois Department of Financial and Professional Regulation (DFPR) in the Circuit Court of Cook County … Read the rest
This week, AFSA and six other trade associations joined together in a brief asking that the 11th Circuit Court of Appeals review a decision made by a panel of the court’s judges. The case, Hunstein v. Preferred Collection and Management Servs.,… Read the rest
Last week, CEOs from the largest U.S. banks testified before the Senate Banking and House Financial Services Committees about several topics, including proposals for a federal 36% rate cap on all loans.
In the Senate Banking Committee hearing,… Read the rest
The session recordings from the 2021 Independents Conference & Expo are now available to registered attendees. Listen to the keynote, general sessions and breakouts, right from the AFSA LIVE(stream) page.
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The featured Premier Business Partner for June is FIS.
FIS™ is the world’s largest global provider dedicated to financial technology solutions. FIS empowers the financial world with software, services, consulting and outsourcing… Read the rest
Rather than facing a crushing wave of defaults, many banks and credit unions are experiencing above average deposits and flush reserves. Lenders who expected to hunker down and mitigate losses find themselves instead in a race to spur loan… Read the rest
AFSA was pleased to welcome members and friends back for the 2021 Independents Conference & Expo. Virtual attendees were also able to tune in to the conference session via the AFSA LIVE(stream) sponsored by REPAY.
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