Today, the U.S. Senate Banking, Housing and Urban Affairs Committee held a hearing on financial protections for servicemembers and their families. In advance of the hearing, AFSA sent a letter to Chairman Sherrod Brown (D-OH) and Ranking Member Tim Scott (R-SC) thanking them for holding the hearing and stressed the importance of keeping access to […]

Last week, AFSA joined many other trade associations representing a vast array of financial institutions, in a letter to the Consumer Financial Protection Bureau (CFPB) requesting an extension of its comment period on the Dodd-Frank Act Sec. 1033 proposed rulemaking, dubbed the Personal Financial Data Rights rule. The CFPB has traditionally provided a 90-day comment […]

The featured Business Partner for the month of November is Flagstar Bank. Flagstar Bank is a leading regional bank headquartered in NY with over $100 billion in assets and a robust Corporate Banking Division. Within Corporate Banking, we focus on lending verticals that meet the specialized needs of our clients. Our Lender Finance Group, for […]

Our latest white paper is now available. This month’s white paper takes a deeper look into debt settlement companies. Debt settlement companies promise to reduce consumer debt significantly, but they charge high fees and may not disclose that creditors are not obligated to cooperate. With the rise in non-housing consumer debt in the U.S., they’ve become an attractive alternative to […]

It was good to see new Speaker of the House of Representatives, Rep. Mike Johnson (R-LA), move quickly to get the chamber refocused on taking up the peoples’ business. While the past several weeks created some uncertainty, it also focused attention on perhaps the most crucial domestic policy agenda in front of our nation and […]

This week, AFSA commented on the Consumer Financial Protection Bureau’s Summer 2023 Supervisory Highlights. This CFPB report shares its perspective on certain practices, including new or updated areas of focus in supervisory reviews. However, using the Highlights to paint with broad brushstrokes specific actions as unfair or deceptive can be dangerous, especially when the CFPB […]

The consumer credit market received early good tidings last week with the National Retail Federation’s holiday spending outlook. Based on a survey of more than 8,000 consumers, it found that the more than 90 percent of American adults planning to celebrate the upcoming winter holidays expect to spend an average $875 dollars in the process. […]

This past week, AFSA’s State Government Affairs team sent a letter to the Pennsylvania House Commerce Committee expressing support for HB 1580. This bill would permit specific personnel from licensed sales finance companies to engage in remote work. Facilitating remote work will benefit all parties involved, offering license holders greater flexibility in their staffing policies […]

Cox Automotive reported that auto loan performance remained a mixed bag in September. Delinquency rates continued to rise but are not translating to higher defaults rates. The share of loans delinquent for 60 or more days increased for the fifth month in a row in September and was up sharply on a year-over-year basis. Moreover, […]

AFSA’s State Government Affairs’ latest white paper is now available. This month’s white paper delves into top consumer complaints reported by states. Consumer complaint information can serve as a valuable resource for financial institutions aiming to enhance their operational methods and spot practices that could soon become subject to further regulatory oversight. Yet, gaining a […]