AFSA recently joined the U.S. Chamber of Commerce in filing a coalition amicus brief urging the United States Court of Appeals for the Fourth Circuit to hold that a unilateral change-in-terms provision does not render an arbitration agreement illusory and unenforceable. AFSA and the Chamber are arguing for a reversal of the district court’s decision in Ford v. Genesis Financial, which declared the parties’ arbitration agreement to be illusory. This decision was based on an erroneous reading of Maryland law, which discriminates against arbitration and failed to apply other terms agreed to by the parties, including a Utah choice-of-law clause.
The brief reinforces that arbitration is speedy, fair, inexpensive, and less adversarial than litigation. Both AFSA and the Chamber’s members and affiliates have entered millions of contractual relationships providing for arbitration precisely to achieve those benefits. This issue has significant widespread impact on the integrity of arbitration provisions and preserving the parties’ contractual rights.
AFSA Joins Amicus Filing
Jul 08, 2024
AFSA recently joined the U.S. Chamber of Commerce in filing a coalition amicus brief urging the United States Court of Appeals for the Fourth Circuit to hold that a unilateral change-in-terms provision does not render an arbitration agreement… Read the rest
SCOTUS Wacks the Administrative State
Jun 28, 2024
For those industries and businesses that are regulated by such federal agencies as the Consumer Financial Protection Bureau, the Securities and Exchange Commission, or the Federal Trade Commission, today’s U.S. Supreme Court ruling regarding… Read the rest
Privacy Legislation on Pause
Jun 27, 2024
In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodger (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works … Read the rest
A Win for Colorado Consumers
Jun 25, 2024
In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association, the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a … Read the rest
Industry Expertise | The CFPB’s Summer Plans May be Heating Up
Jun 25, 2024
“Industry Expertise” is sponsored content produced by AFSA Business Partners to share their thought leadership and best practices information with AFSA member companies. For more information about this sponsored content opportunity,… Read the rest
News From Our Members | From Paper Trails to Digital Transformation: DataCision Moves Your Vision Forward
Jun 24, 2024
Meta/SEO Description: If digitalization is part of your long-term vision, look no further than to DataCision to propel your dealer commercial lending business forward.
From Paper Trails to Digital Transformation: DataCision Moves Your… Read the rest
AFSA Concerns for NJ’s Bill Regarding Debt Adjusters
Jun 21, 2024
AFSA’s State Government Affairs team submitted a comment letter to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state.
AFSA expresses … Read the rest
AFSA Supports APRA, But Not in Current Form
Jun 20, 2024
This week, AFSA joined other organizations in expressing concerns with the American Privacy Rights Act (APRA) as drafted. AFSA supports a national standard for data privacy, but the legislation in its current form would not best serve consumers.… Read the rest
Marking Juneteenth
Jun 19, 2024
“We shall overcome because the arc of the moral universe is long, but it bends toward justice.” –Dr. Martin Luther King Jr.
Juneteenth is a commemoration of the ideals of equality, justice, and freedom, which we strive to perfect for all. In… Read the rest
About the CFPB’s “Data Spotlight”
Jun 17, 2024
Today, the CFPB released a “Data Spotlight,” which focused on an analysis of negative equity data from a group of auto finance entities. As background, in February 2023 the Bureau announced a pilot data project and issued nine market monitoring… Read the rest