This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on the economic impact of the Credit Card Accountability and Disclosure (CARD) Act and the agency’s review of the consumer credit market. AFSA specifically addressed the current relevance of the CARD Act (enacted in 2009) and whether this statute has been beneficial to consumers in the credit card market. In its comments, AFSA emphasized that additional restrictions and requirements on consumer credit card lending will adversely affect consumers and lenders by increasing costs for both parties, discouraging the entry of new lenders into the market, and accelerating lender consolidation.
With regards to the CARD Act’s relevance, AFSA noted that consumer choice in the credit card marketplace has significantly increased since the law’s enactment through new forms of credit and payment products and app-based payment services offered by fintechs and traditional financial services companies. Finally, AFSA commented on the current state of credit card agreements, Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) protections under the CARD Act, and the use of risk-based pricing in reviewing the credit card market.
This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on the economic impact of the Credit Card Accountability and Disclosure (CARD)… Read the rest
The 2020 AFSA Annual Meeting & Independents Conference & Expo was packed with information and informative sessions. Did your kid run in during Cal Ripken’s session? Maybe the delivery guy showed up. Or maybe you just got sidetracked… Read the rest
The American Financial Services Association’s Women’s Leadership Council (WLC) kicked off its Fall meeting with Rochelle McClanahan, Chair, and Chief Financial Officer & Compliance Officer of Brundage Management / Sun Loan. Rochelle… Read the rest
AFSA is pleased to announce that the Women’s Forum communities page is now live and ready for you to join! The Women’s Forum is a place to interact, network, and share best practices with other women in the consumer credit industry. All… Read the rest
AFSA’s first ever virtual conference, the 2020 AFSA Annual Meeting & Independents Conference & Expo, is in the books. From keynotes to breakouts to networking events, more than 500 attendees enjoyed the expertise that AFSA… Read the rest
The 2020 Annual Meeting and Independents Conference & Expo opened on the sunny beaches of Aruba with a yoga session brought to us by Wells Fargo. Keynote speaker, Kristen Soltis Anderson, analyzed the 2020 political landscape and gave… Read the rest
AFSA’s October State Government Affairs white paper covers Trends in Remote Working. The white paper provides an overview of state regulatory guidance affecting remote work for financial services companies during the COVID-19… Read the rest
AFSA’s state government affairs team recently testified in front of the Nevada Financial Institutions Division regarding draft rules for two bills that were passed last legislative session. Matt Kownacki, Director of State Research and… Read the rest
There’s still time! AFSA has put together a stellar program that features great keynote presentations, engaging breakouts and fun, interactive networking events, like wine tasting and pub trivia. The conference will also feature… Read the rest
The featured Business Partner for October is Fortegra, a trusted partner of the consumer credit industry for over 40 years. Fortegra offers the strength and stability you need in an insurer, the collaborative approach you want from a partner.… Read the rest
