This week, outgoing FDIC Chairman and past AFSA Annual Meeting speaker Jelena McWilliams wrote a response letter to Senator Mike Crapo (R-ID) regarding the measures her office has taken to remediate the effects of Operation Choke Point. AFSA commends Ms. McWilliams for the time and effort she and the FDIC have expended to end the ramifications of Operation Choke Point towards legitimate businesses, including state-licensed businesses.
In McWilliams’ letter, she reiterates, “lawful businesses should have access to financial services provided such activity is consistent with applicable safety and soundness principles.” Furthermore, during McWilliams’ tenure, the FDIC “encourages institutions to take a risk-based approach in assessing individual customer relationships rather than declining to provide banking services to entire categories of customers…”
Last year, AFSA wrote in support of Rep. Ed Perlmutter’s (D-CO) SAFE Banking Act, which includes legislative language to end Operation Choke Point by prohibiting a federal regulator from ordering a bank to terminate a banking relationship with a legal business unless there is a valid reason, which is not based solely on reputational risk. The SAFE Banking Act has passed the House of Representatives with overwhelming bipartisan support five times over the last several years.
AFSA continues to urge Congress to pass legislation that would permanently end supervisory policies connected to Operation Choke Point.
This week, outgoing FDIC Chairman and past AFSA Annual Meeting speaker Jelena McWilliams wrote a response letter to Senator Mike Crapo (R-ID) regarding the measures her office has taken to remediate the effects of Operation Choke Point. … Read the rest
Join AFSA’s Senior Vice Presidents for Federal and State Affairs, Celia Winslow and Danielle Arlowe as they share their insights on federal and state legislative and regulatory matters, update policy trends, and predict what… Read the rest
As Bishop Desmond Tutu said, “My humanity is bound up in yours, for we can only be human together.” Black History Month highlights the deep, rich legacy of African Americans that is so much of the binding of our nation’s heritage. Our ongoing … Read the rest
The featured Premier Business Partner for February is Hudson Cook. Learn more at hudco.com.
Established in 1997, Hudson Cook, LLP focuses its practice on laws related to financial services, banking and information privacy. In addition … Read the rest
Today, the Independent Women’s Forum published a piece observing that New Mexico’s HB132, which would cap interest rates at 36%, would “rob the financially vulnerable of access to critical funds, leaving them in a more… Read the rest
Today (Saturday, January 29, 2022) the New Mexico House of Representatives Consumer and Public Affairs Committee will consider H.B. 132, which caps interest rates at 36% for consumer loans. The following statement can be attributed to… Read the rest
As you seek to create new digital customer experiences, leverage and expand use of data, and invest in technology innovations, cybersecurity threats are evolving and growing. While tools to mitigate such threats are becoming more sophisticated,… Read the rest
Rochelle McClanahan has been approved to join the AFSA Board and Executive Committee. In addition, she will be joining the AFSA Foundation Board.
Ms. McClanahan is the Chief Financial Officer for Brundage Management Company, based in San… Read the rest
The Consumer Financial Protection Bureau (CFPB) is seeking public input regarding what it termed “junk fees” that a number of different industries, such as financial services, entertainment and travel, charge consumers.
“Many financial… Read the rest
In the first episode of 2022, we continue our 50-state series, where we’ll be asking questions of financial services regulators around the country. We’ll make our way through all 50 states getting to know the regulators that are part of our … Read the rest
