Last week, the State Government Affairs team at AFSA sent a comment letter to the New York Senate regarding the proposed regulations for the New York Junk Fee Prevention Act. In the letter AFSA highlights concerns with the proposal and its wide-ranging scope and ambiguous wording which creates uncertainty for financial services. The letter expresses that […]

Consumer credit balances reached a record $17.5 trillion in the fourth quarter of 2023, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, which draws on data from the bank’s Consumer Credit Panel and Equifax. That was an increase of $212 billion, or 1.2 percent, from the third quarter and […]

The Federal Trade Commission (FTC) recently released a notice of proposed rulemaking concerning “unfair or deceptive fees.” AFSA commented on the proposed rule this week, agreeing with the FTC that consumers should be protected from hidden or misleading fees and explaining that in the financial services market they already are. With this rulemaking, the FTC is attempting to eliminate: […]

Strengthen every relationship you build. Gain more impact and influence in your life and your business at AFSA’s 2024 Independents Conference & Expo. AFSA is pleased to announce that Lt. Col. (ret.) Scott Mann will keynote the 2024 Independents Conference & Expo at the Marriott Harbor Beach in Fort Lauderdale, Fl., May 20-23. Described as […]

As Congressional members continue to announce retirements and election match-ups become more clear, much speculation has been put into how committee leadership will change following the 2024 elections. The process to determine chairs and ranking members differs across the two bodies and the two parties but relies generally on the same structure. Senate: Committee assignments are […]

AFSA joined with the National Association of Industrial Bankers, the Utah Bankers Association, and the Nevada Bankers Association in a letter to all Senators in opposition to S. 3538, the misnamed “Close the Shadow Banking Loophole Act,” introduced at the end of last year. The associations explained that the bill would reduce credit and financing […]

Yesterday, a bipartisan group of Members of Congress sent a letter to the Consumer Financial Protection Bureau (CFPB) to express their concerns about a CFPB nonbank procedural rule. These eight members, many of whom serve on the House Financial Services Committee, echoed concerns that AFSA had shared with the CFPB before the rule was finalized. […]

The second of six releases that make up Alfa Systems 6, a breakthrough iteration of the Alfa Systems software platform, sets a new standard for excellence in US auto finance originations. Alfa, a pioneer in technology for automotive finance, has announced the introduction of Total Originations for the US auto finance market, setting a new […]

AFSA’s State Government Affairs team recently sent a comment letter to the New Jersey General Assembly regarding NJ A1971 and S332 on collection and disclosure of personal data by certain entities. In the letter AFSA raises concerns with the existing exemptions in the Driver’s Privacy Protection Act (DPPA) and the Fair Credit Reporting Act (FCRA) being inadequate in safeguarding members’ […]

AFSA’s State Government Affairs team sent a comment letter to the Massachusetts Office of Attorney General (OAG) on the proposed regulations related to Unfair and Deceptive Fees. In the letter, AFSA highlights concerns with the proposed regulations due to their wide-ranging scope and ambiguous wording, leaving the potential impact on financial services uncertain. The letter lays out recommendations to extend […]