Yesterday, a House Financial Services Subcommittee held a hearing on how bank consolidation and the emergence of nonbank financial technology companies (fintechs) are reshaping the banking system. In recent years, fintechs have gained a larger share of the consumer, mortgage, and small business lending market. Some fintechs have even pursued bank charters, including Industrial Loan […]

Today the U.S. Senate confirmed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). The following statement should be attributed to Bill Himpler, President and CEO of the American Financial Services Association (AFSA), the nation’s oldest and largest national trade association singularly focused on the consumer credit industry: “Over the years, AFSA and […]

The American Financial Services Association (AFSA) filed an amicus brief before the Missouri Supreme Court in a case involving the enforceability of arbitration provisions in loan agreements. In Bridgecrest Acceptance Corp. V. Kelly Donaldson and Robert Haulcy, AFSA wrote in support of the Plaintiff (Bridgecrest Acceptance), arguing that a lower court’s recent decision to not […]

Last week, the U.S. House of Representatives passed the FY2022 National Defense Authorization Act (NDAA), which included three amendments on which AFSA commented in a previous letter to the House Rules Committee. AFSA supported two amendments and opposed one. In addition, the House passed an amendment aimed at ending arbitration agreements for members of the Armed Services. Below is a quick summary of the three amendments.    Amendment […]

Join RSM’s industry leaders for a The Customer Experience Journey: Is Your Company Keeping Up With The Times? on October 7, 2021 at 2:00 p.m. ET to learn about the opportunities for lenders to adapt to these changes through innovation and an improved customer experience. Advancing technology, changing regulations and a necessary shift to online […]

On September 17, AFSA submitted comments in response to proposed rules from the California Department of Financial Protection and Innovation (DFPI). The proposed rules set forth requirements for licensees to establish a process for receiving and responding to consumer complaints. The prescriptive rules set specific timeframes for resolving complaints and the various disclosures about the process […]

Today, AFSA and about thirty other financial services trades sent a letter to the House Speaker Pelosi and Minority Leader McCarthy in advance of their consideration of a tax provision in the reconciliation package. The provision, which AFSA and others strongly oppose, would establish a broad new tax information reporting requirement, negatively impacting both individuals […]

AFSA is pleased to announce that Jelena McWilliams is confirmed as a featured speaker for AFSA’s Annual Meeting in Washington, D.C., from October 24 through October 27. Ms. McWilliams was sworn in as the 21st Chairman of the FDIC on June 5, 2018. Prior to her FDIC post, she served as Executive Vice President, Chief […]

Consumers have been trained by the big tech companies to expect instant 24/7 everything, including loan approvals. AI-driven lending, by using more data and smarter math, delivers consistent and fast credit decisions even when the human underwriters go home. In this webinar, we’ll talk with a lending leader who sees AI as a consistency and […]

AFSA is proud to confirm Carl M. Cannon, the dean of Washington political journalists, as a keynote speaker at its Annual Meeting in Washington, D.C.  Cannon will share his almost 40 years of political insights and experiences with AFSA attendees, as he discusses today’s political landscape and the 2022 midterm elections. Currently Washington Bureau Chief […]