The Senate passed the budget reconciliation legislation (commonly called the “One Big Beautiful Bill) by a vote of 51-50 today (July 1), with Vice President JD Vance giving the Republicans the tie-breaking vote for final Senate passage. The bill will go back to the House of Representatives to be voted on quickly before adjourning for the July 4 recess.
Among the provisions that AFSA advocated in the legislation is one that would end the Biden-era tax credits on electric vehicles (EVs), but with a change date of September 30th from the Senate’s previous provision that would have expired the tax credits retroactively to June.
The Senate bill also calls for a limit on what the Consumer Financial Protection Bureau (CFPB) can request in funding from the Federal Reserve. The new limit is 6.5 percent of the Fed budget, down from 12 percent.
The House is expected to vote on this package quickly provided that the chamber has the votes for passage. The original House legislation sent to the Senate only passed the House 215-214; Speaker Mike Johnson and others will ensure there are the votes for passage before the House takes the final vote and sends the bill to President Trump.
We will keep you apprised with updates.
OBBB Update
Jul 01, 2025
The Senate passed the budget reconciliation legislation (commonly called the “One Big Beautiful Bill) by a vote of 51-50 today (July 1), with Vice President JD Vance giving the Republicans the tie-breaking vote for final Senate passage. … Read the rest
New Leadership for AFSA
Jul 01, 2025
The American Financial Services Association, the nation’s oldest trade association solely focused on the consumer credit industry, today formally handed the reins of leadership to Celia Winslow as the trade group’s President and Chief… Read the rest
Why Access to Credit is Important
Jul 01, 2025
Uncertain economic conditions make it hard for already financially burdened U.S. consumers to meet their basic needs and prepare for future costs. Surveys estimate that almost half of Americans have less than $500 in savings to cover emergency… Read the rest
CFPB Remains a Partisan Target
Jul 01, 2025
Last week the House Financial Services Subcommittee on Oversight & Investigations held a hearing entitled, “From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.” The focus was on regulations… Read the rest
Viewing a Cloudy Crystal Ball
Jun 26, 2025
As was widely expected, the Federal Reserve announced last week that it was leaving short-term interest rates unchanged. Thus, the target range of the federal funds rate stands at 4.25 percent to 4.5 percent, as it has since last December. … Read the rest
Credit Repair Scam Bill Update
Jun 25, 2025
This week, Rep. Sarah McBride (D-DE) testified before the House Financial Services Committee in support of the Ending Scam Credit Repair Act (ESCRA). This bipartisan bill sponsored by Reps. McBride and Young Kim (R-CA) targets deceptive… Read the rest
THIS THURSDAY | AFSA Webinar | Beyond Transaction Fees: Lowering the Cost of Acceptance with Payment Experience Management
Jun 23, 2025
Join us on June 26, 2025 at 2:00 p.m. EST!
When lenders only zero-in on per-transaction fees, they miss what’s really driving up total cost of acceptance: avoidable payment exceptions, manual agent intervention and legacy technology.
Join… Read the rest
Industry Expertise | Balancing Compliance and Convenience: Consumer Finance Trends to Watch
Jun 23, 2025
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan … Read the rest
AFSA Responds to NYDCWP
Jun 20, 2025
AFSA’s State Government Affairs team recently submitted a lengthy letter to the New York Department of Consumer and Worker Protection (DCWP) expressing significant concerns regarding proposed amendments to debt collection rules. … Read the rest
AFSA Sends Rate Caps Veto Letter
Jun 20, 2025
AFSA’s State Government Affairs team submitted a veto letter to Alaska Governor Mike Dunleavy to veto S.B. 39, a well-intentioned but deeply problematic proposal to cap the Annual Percentage Rate (APR) on loans up to $25,000. If enacted,… Read the rest