The American Financial Services Association reiterated its opposition to Congressional efforts to limit the use of arbitration in contracts. AFSA strongly opposes HR 1423, the “Forced Arbitration Injustice Repeal Act” (FAIR), which would effectively outlaw arbitration provisions in private contracts. Despite broad opposition from an array of industries, the bill passed out of the Judiciary Committee on September 10 by a largely party-line vote of 22-14, and was approved by the House of Representatives by a 228-196 party-line vote.

The AFSA Nominating Committee has approved two new members of the AFSA Board of Directors.

The comment period for the first-ever regulations of the Fair Debt Collection Practices Act (FDCPA) closed today. In its letter to the Consumer Financial Protection Bureau (CFPB), the American Financial Services Association (AFSA) commended the Bureau for bringing the FDCPA into the 21st century, and for taking the opportunity to study the third-party debt collection market.

The Consumer Financial Protection Bureau (CFPB) today announced upcoming enhancements to the Consumer Complaint Database. The changes include, “modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions.”

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger informed congressional leaders and agency staff that she now supports a legal effort challenging the constitutionality of the regulator.

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.