AFSA is pleased to learn that the CFPB has dropped the ill-conceived suit it brought against Heights Finance and its affiliates (“Heights”).  This suit was initiated by the CFPB under the leadership of former director Chopra with much fanfare in August of 2023.  Despite Heights being consistently licensed and examined under many state laws, the […]

“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan Bucherer. The lending landscape is slightly frozen after a less-than-mild winter of a shifting geopolitical environment, regulatory ambiguity, rate stagnation, delinquencies hitting decade highs, and […]

AFSA’s State Government Affairs team sent a veto letter to Virginia Governor Glenn Youngkin regarding Senate Bill 1252, which would impose a 12% rate cap on consumer credit. AFSA urged the governor to veto SB 1252 to protect responsible lending and consumer access to credit. AFSA warns that this bill would severely restrict access to credit for Virginians, especially those […]

This morning, the Senate Banking Committee is holding a nomination hearing. Amongst others, the hearing is for the director designee of the Consumer Financial Protection Bureau, Jonathan McKernan.  Mr. McKernan, who previously served at the Federal Deposit Insurance Corporation (FDIC), laid out his approach to the running the CFPB in his written testimony, saying: “All too […]

Lenders face significant losses from delayed vehicle recoveries, rising costs, and compliance risks. Join our webinar to discover how MVR seamlessly integrates Impound Alerts, Vehicle Appraisals, and Recovery Services into a single, streamlined solution – helping lenders proactively manage risk, recover assets faster, and reduce financial losses. Learn how digital monitoring alerts prevent lien loss, […]

Yesterday the Federal Deposit Insurance Corporation (FDIC) withdrew its amicus brief in support of Colorado’s appeal to the US Tenth Circuit Court of Appeals. The federal district court previously enjoined Colorado’s DIDMCA opt-out law from going into effect. The three plaintiffs–AFSA, the National Association of Industrial Bankers, and the American Fintech Council–represent national, regional, and state-based […]

Join business leader, successful football and life coach, and Academy Award winner Bill Courtney for an insightful keynote session highlighting his career in building a successful global business and building up the next generation on and off the field that will both inform and inspire. Get ready for a powerful hour by viewing his Academy […]

AFSA’s State Government Affairs team sent a comment letter to the Alaska Senate regarding Senate Bill 39 and banking laws. In the letter, AFSA expresses concern that if SB 39 is passed, it would essentially remove the only accessible and affordable loans that many Alaskans rely on to build credit. Additionally, it would impose unnecessary and harmful restrictions on […]

The U.S. Senate has begun budget reconciliation, a special legislative process used to quickly advance high-priority fiscal legislation. Created by the Congressional Budget Act of 1974, reconciliation allows for expedited consideration of certain tax, spending, and debt limit legislation. The process is not subject to filibuster (obstruction of legislation requiring 60 votes to end, think Mr. […]

In the fourth quarter of 2024 consumer credit balances topped $18 trillion for the first time, 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/Equifax. That was an increase of $93 billion, or 0.5 percent, from the […]