In this episode of the AFSA Extra Credit Podcast, host Dan Bucherer chats with Stephen McDaniel, CEO of F&I Sentinel, about a critical question: why do so many F&I product refund solutions fail? Stephen and Dan explore the complexities of the refund process and the real-world consequences for lenders who don’t get it right. They […]

The FDIC unanimously voted today (July 15) to withdraw its Parent Companies of Industrial Banks and Industrial Loan Companies (ILC) proposed rule issued in August 2024. As drafted, the proposed rule discouraged future applications and targeted many existing ILCs that provide an essential source of capital for small businesses and consumers, including helping to fill financial gaps in underserved […]

AFSA’s State Government Affairs recently released its July white paper that examines growing concerns about the “true lender” doctrine and state efforts to curb evasion of interest rate caps through bank-fintech partnerships. While banks can legally export interest rates under federal law, some states argue that non-bank partners effectively act as lenders and are using these partnerships to bypass state usury laws. In response, several states […]

The recently signed “One Big Beautiful Bill” (OBBB) is a sprawling piece of legislation that will affect just about every facet of the American economy, including the financial lives of consumers.  While many AFSA members were focused on the bill’s halving of the CFPB’s funding, another OBBB provision may enhance consumer financial flexibility and serve […]

Join us Thursday, July 24th at 2:00 p.m. EST! In today’s competitive lending environment, standing out locally is more critical than ever. While Fintechs leverage speed and scale, traditional and nonbank lenders have a powerful asset they often underutilize: their local branch presence. This webinar explores how branch-level marketing is evolving—and how you – as […]

The Senate passed the budget reconciliation legislation (commonly called the “One Big Beautiful Bill) by a vote of 51-50 today (July 1), with Vice President JD Vance giving the Republicans the tie-breaking vote for final Senate passage.  The bill will go back to the House of Representatives to be voted on quickly before adjourning for […]

The American Financial Services Association, the nation’s oldest trade association solely focused on the consumer credit industry, today formally handed the reins of leadership to Celia Winslow as the trade group’s President and Chief Executive Officer. Winslow succeeds Bill Himpler, who announced plans to retire in late 2024. Winslow brings almost twenty years of leadership […]

Uncertain economic conditions make it hard for already financially burdened U.S. consumers to meet their basic needs and prepare for future costs. Surveys estimate that almost half of Americans have less than $500 in savings to cover emergency expenses, and despite the right-sizing of the Consumer Financial Protection Bureau, regulatory uncertainty for businesses and consumers […]

Last week the House Financial Services Subcommittee on Oversight & Investigations held a hearing entitled, “From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.” The focus was on regulations imposed and actions taken by the CFPB during both the Biden and Trump administrations, with testimony from James Kim, Partner at Cooley; Jennifer […]

As was widely expected, the Federal Reserve announced last week that it was leaving short-term interest rates unchanged. Thus, the target range of the federal funds rate stands at 4.25 percent to 4.5 percent, as it has since last December. With economic uncertainty running high, the FOMC, the Fed’s interest rate setting body, has adopted […]