AFSA sent a letter to the Chairmen and Ranking Members of the House and Senate Armed Services Committee regarding the National Defense Authorization Act (NDAA) legislation for 2022.
The NDAA, which must pass Congress every year, is currently in process; the House has completed its version but the Senate is still working on theirs. Both chambers will have to come to consensus on what is contained in the final package before the end of the year.
AFSA’s letter outlined concerns with some provisions of the House NDAA. The letter spoke out against provisions dealing with arbitration limitations, noting that arbitration often yields more monetary relief for consumers.
The letter also cautioned against a provision that would limit creditworthiness for servicemembers by giving an inaccurate assessment of the servicemembers’ credit; this in turn would increase expenses for servicemembers in obtaining loans, forcing them to borrow at higher costs with less financial flexibility.
Despite the serious concerns with certain provisions of the NDAA, AFSA also noted several provisions it supports, including electronic notarization and provisions emphasizing that no legal businesses should be unfairly targeted because of political bias.
The House and Senate will continue to work on NDAA, aiming to pass the bill before the end of the year. AFSA will continue to advocate to ensure that helpful provisions remain in NDAA while harmful legislation stays out of the final bill.
AFSA Outlines Priorities in NDAA
Oct 20, 2021
AFSA sent a letter to the Chairmen and Ranking Members of the House and Senate Armed Services Committee regarding the National Defense Authorization Act (NDAA) legislation for 2022.
The NDAA, which must pass Congress every year, is currently… Read the rest
AFSA on Interchange in WI
Oct 20, 2021
On Wednesday, October 20, AFSA’s State Government Affairs (SGA) team partnered with other trade associations sent a joint letter to the Wisconsin legislature regarding AB 587 and SB 572, which prohibit interchange on the sales tax portion… Read the rest
AFSA Sends Letter to CA DFPI on Proposed Collection Rules
Oct 14, 2021
On Tuesday, October 5, AFSA’s State Government Affairs (SGA) team sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposed Debt Collection Licensing Act (DCLA) rules. Many… Read the rest
AFSA Letter to CFPB Stresses Importance of Credit Access, Financial Literacy
Oct 13, 2021
Today, AFSA sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Mr. Chopra was confirmed as Director earlier this month. AFSA’s letter stresses the crucial role AFSA member companies play in the lives of… Read the rest
Chief Compliance Officer Perspectives
Oct 13, 2021
With increasing demands from regulators and growing complexity in operating a consumer finance company, a Chief Compliance Officer (CCO) in 2021 has a lot to manage.
For this panel, moderated by AFSA’s VP of Compliance Education Philip… Read the rest
AFSA White Paper Tackles CROs
Oct 13, 2021
On Friday, October 1 AFSA’s State Government Affairs (SGA) team published their October White Paper covering credit repair organizations. Credit repair organizations claim to seek to improve a consumer’s credit score by having negative… Read the rest
Perspectives & Predictions
Oct 08, 2021
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Join us at the 2021 Annual Meeting in Washington, D.C., from October 24 through October 27, highlighted by our AFSA Leadership Roundtable Roundtable.
Join AFSA President & CEO Bill Himpler, AFSA Chairman Tom Hudgins, … Read the rest
On the Nomination for Comptroller of the Currency
Oct 07, 2021
Today, the American Financial Services Association released a statement regarding the nomination of Saule Omarova to serve as the Comptroller of the Currency.
The nomination of Saule Omarova to serve as Comptroller of the Currency raises… Read the rest
TOMORROW | Is your company keeping up with the times?
Oct 06, 2021
Advancing technology, evolving regulations and a necessary shift to online transactions due to the pandemic has resulted in profound changes in the specialty finance industry. Many lenders have struggled to keep up with the digital demands… Read the rest
Can’t Join Us at the Annual in Person?
Oct 05, 2021
While we expect almost 300 AFSA Members and Business Partners to gather in Washington, D.C., we know that some Members and Business Partners are still operating with travel restrictions. To meet their needs, AFSA will offer a Digital Pass… Read the rest