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 serious questions that must be addressed regarding her commitment to capitalism and competition as foundational principles of the American economy that the Office of the Comptroller of the Currency is entrusted to support.
The OCC focuses on ensuring that America’s financial system operates in a sound manner and that consumers have fair access to financial services. What is problematic regarding Ms. Omarova’s academic writings and public policy pronouncements is not simply that they are outside the mainstream of U.S. economic thought and practice; it is that some of these pronouncements are well accepted and even practiced elsewhere in the world where consumers have little access to robust financial services and even less access to economic equity or opportunity.
The Office of the Comptroller of the Currency is not an honorary appointment, and Ms. Omarova’s propensity to be unbound by law and interpretation is troubling. If confirmed, Ms. Omarova would serve on federal supervisory and advisory boards and commissions that inform U.S. economic and financial-services regulatory policy. More than ever, the financial services marketplace, businesses large and small, and consumers require certainty. This nomination raises only doubts.
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
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
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
October’s Featured Business Partner is Hudson Cook, LLP. We asked them a few questions about the state of play in Washington as we move into 2022. Learn more at hudsoncook.com.
What recent developments at the federal regulators should… Read the rest
Yesterday, a House Financial Services Subcommittee held a hearing on how bank consolidation and the emergence of nonbank financial technology companies (fintechs) are reshaping the banking system. In recent years, fintechs have gained… Read the rest
Today the U.S. Senate confirmed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). The following statement should be attributed to Bill Himpler, President and CEO of the American Financial Services Association… Read the rest
The American Financial Services Association (AFSA) filed an amicus brief before the Missouri Supreme Court in a case involving the enforceability of arbitration provisions in loan agreements. In Bridgecrest Acceptance Corp. V. Kelly … Read the rest
Last week, the U.S. House of Representatives passed the FY2022 National Defense Authorization Act (NDAA), which included three amendments on which AFSA commented in a previous letter to the House Rules Committee. AFSA supported … Read the rest
Join RSM’s industry leaders for a The Customer Experience Journey: Is Your Company Keeping Up With The Times? on October 7, 2021 at 2:00 p.m. ET to learn about the opportunities for lenders to adapt to these changes through innovation and an
…
Read the rest
