AFSA yesterday submitted a comment letter to Senate Committee on Banking Housing & Urban Affairs Chair Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) opposing S. 2839, the Eliminating Corporate Shadow Banking Act of 2019.

AFSA staff attended the FTC/CFPB Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit reporting system and steps that policymakers, furnishers, consumer reporting agencies, and others can take to improve the accuracy of consumer reports.

The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The bill, which is being marked up by the committee, which could lead to a potential vote by the full House. The letter outlines the important symbiotic relationship between lending and credit reporting systems that benefits American consumers when it functions well. The letter focused on two areas:

Last week, AFSA’s State Government Affairs team attended three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, San Francisco, and Fresno. The AG’s office released proposed regulations implementing the CCPA in October and is accepting written feedback until December 6. These hearings, which each drew over a hundred attendees, provided an opportunity to provide verbal comments on the AG’s proposed regulations.

The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s data science practice and is being submitted to the Consumer Financial Protection Bureau (CFPB) in response to its proposed rule on debt collection. While the proposed rule would only apply to debt collection agencies, AFSA is concerned that borrowers would be harmed if the CFPB or others lumped creditors and debt collectors together and treated them the same way, even though their businesses are very different.

Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members of Congress and consumer “advocates” are pushing the woefully and inaccurately titled “Veterans and Consumers Fair Credit Act,” which would impose arbitrary and damaging limits on all Americans’ access to credit.

On episode five of the AFSA Extra Credit Podcast, we're speaking with John Findley, CEO of LemonadeTraining, a company that helps businesses develop game-based education programs. We talk a bit about game-based training, but really take the opportunity to talk about LemonadeTraining’s new whitepaper that delves into ways companies can overcome obstacles to digital adoption across generations. We touch on the important role that front line staff plays in digital adoption and some of the hurdles we face dealing with different consumers.

AFSA is getting in on the cyber Monday craze!

From all of us at AFSA, we hope that you and yours have a safe and happy Thanksgiving.