REGISTER

This week, the American Financial Services Association pushed back against another Congressional attempt to limit the use of arbitration in contracts. AFSA strongly opposed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act, which would effectively outlaw arbitration provisions in private contracts. AFSA wrote to the House Judiciary Chairman and Ranking Member, noting “… class action lawsuits that take years to be adjudicated, clog the court system, and result in comparatively small payouts for consumers.” AFSA added, “Arbitration is already governed by the Federal Arbitration Act and has been approved by the Supreme Court, which recognized arbitration as a fair and effective mode of settling dispute between borrowers and creditors.”

The American Financial Services Association, which for more than a century has advocated for pro-consumer policies on behalf of the consumer credit industry applauds the Consumer Financial Protection Board’s implementation of three new policies that bring increased certainty to the financial marketplace for financial institutions and consumers alike.

Roy Spence has some impressive accolades. With his agency GSD&M, he’s helped grow some of the world’s most profitable businesses and recognizable brands, including Southwest Airlines, Wal-Mart, Dreamworks Studio, Whole Foods, BMW, the PGA Tour and L.L. Bean. He has been a counselor to presidents and leaders at the U.S. State Department and has worked to elevate the Clinton Global Initiative to what it is today.

The American Financial Services Association is pleased to welcome Sarah Bloom Raskin to the 2019 AFSA Annual Meeting in Nashville, Tenn. Attendees will enjoy an exclusive interactive question and answer session with insights on the current economic climate, her outlook on the future, and her unique perspective on a variety of other important issues.

This week, AFSA’s State Government Affairs team submitted a letter to New York Governor Andrew Cuomo urging him to veto SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death.

A U.S. District Court in Washington, D.C., on Wednesday dismissed a lawsuit by state regulators challenging the Office of the Comptroller of the Currency's (OCC) fintech charter. The Conference of State Bank Supervisors (CSBS) contends the OCC lacks the authority to grant the tailored charter. Federal Judge Dabney Friedrich's decision echoes her May 2018 ruling in the same matter.

The Consumer Financial Protection Bureau (CFPB) released on Tuesday, September 3rd the results of a pilot study called Planning for Tax-time Savings. Conducted in conjunction with H&R Block, the study found that simple messages encouraging customers to use the saving feature on their prepaid tax- refund credit card that is provided by tax-preparation firms, increases the likelihood that consumers would actually use the savings option.

With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?Join us on September 12 at 2 p.m. ET for Mitigating Risks with F&I Aftermarket Products & Cancellations presented by Dealertrack Lending Solutions.Federal and state regulators have intensified their examination of auto lending practices relating to F&I products. Several public cases have shown the reputational risk faced by lenders when F&I product cancellation refunds to consumers are not handled properly.REGISTER

AFSA this week submitted a comment letter to the Federal Communications Commission (FCC) on its Third Further Notice of Proposed Rulemaking on methods to eliminate illegal robocalls. The association’s comment letter reinforced an earlier multi-trade comment letter that encouraged the FCC to not implement policies that could block legitimate, time-sensitive phone calls.