Last week, AFSA’s State Government Affairs released its November white paper on reverse mortgages and how legislation and regulations have imposed changes for consumers. The origin of reverse mortgages began in 1987 when the Home Equity Conversion Mortgage (HECM) program was first established and then subsequently insured by the Federal Housing Administration (FHA) in 1989. The 1990’s and 2000’s […]

Although the 2024 presidential race was the focal point of Tuesday’s general election, it was not the only key contest. Legislative elections took place in 44 states, and AFSA’s State Government Affairs team closely monitored those outcomes. Before the election SGA released its 2024 Elections Preview Report and AFSA State Election Watch 2024: Volume 2. These outlined key legislative, gubernatorial, and attorney general […]

While votes are still being tabulated in some House of Representatives races, both the Senate and the Presidential election have been called for Republicans. President-elect Donald Trump won both the Electoral College and the popular vote. News outlets are predicting the House will likely remain in the GOP’s hands. Sen. Tim Scott (R-SC) is likely […]

Last week, the Treasury Department released their Financial Inclusion Report. AFSA responded to the RFI at the time it was released, emphasizing action that AFSA members take to encourage financial literacy and suggested that further work in the financial inclusion space include clear and enforceable guidelines around AI and machine learning, as new opportunities lie in […]

The featured Business Partner for the month of November is Hudson Cook. Established in 1997, Hudson Cook, LLP focuses its practice on laws related to financial services, banking and information privacy. In addition to the regulatory compliance practice we assist with government supervision and enforcement, and consumer litigation. Our attorneys understand the complex financial services, […]

This week marked the 50th anniversary of the Equal Credit Opportunity Act (ECOA), a groundbreaking law that transformed financial access for women in the United States by prohibiting discrimination in lending practices. Enacted in 1974, the ECOA empowered women to obtain credit in their own names, a right that many were previously denied due to their […]

Yesterday, AFSA responded to a request for information from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. The agencies are interested in learning more about bank-fintech arrangements, especially how these arrangements ensure that consumers are properly protected. AFSA’s response emphasized the positive effects these arrangements can have on […]

AFSA is saddened to learn of the death of long-time law Committee Vice Chairman Alvin O. Wiese on October 11 at the age of 95. A graduate of the University of Southern California Law School, Al was admitted to the bar in 1954 and dedicated his life to representing consumer finance lenders, AFSA, and the […]

A bipartisan group of Representatives recently led by Rep. Blake Moore (R-UT) sent a letter to FDIC Chair Martin Gruenberg, urging the withdrawal of the proposed rule governing parent companies of industrial banks and industrial loan companies. The letter highlighted the uncertainty that would occur if the rule was finalized and how that would impede the ability of ILCs to offer crucial products and […]

Yesterday, Representatives Wiley Nickel (D-NC) and Young Kim (R-CA) introduced the bipartisan “Ending Credit Repair Scams Act” (HR 9991). This bipartisan legislation would protect financially distressed consumers from shady credit repair organizations (CROs) that falsely promise to rebuild their credit history while charging expensive up-front and monthly fees. The American Financial Services Association (AFSA) and […]