AFSA’s March State Government Affairs white paper takes an in-depth look at interchange fees, the costs associated with processing electronic payments, and their effect on financial institutions and consumers. It explores ongoing legislative and regulatory discussions surrounding interchange and the potential consequences of proposed changes. As interchange legislation continues to gain momentum, policymakers appear increasingly interested in interchange sales tax bills. […]

A group of Democrat Senate and House members recently reintroduced legislation misleading consumers and their ability to access credit, the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. AFSA strongly opposes the mis-named legislation, which would harm, not help consumers. Among other things, the bill would prohibit convenience checks and require state-licensed installment lenders to […]

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, […]

AFSA, together with the U.S. Chamber of Commerce and the Alliance for Automotive Innovation (“Trades”), provided comments to the American Arbitration Association’s proposed amendments to its Consumer Arbitration Rules and Employment Rules and Mediation Procedures.  While these rules provided several clarifications and benefits, the Trades identified additional opportunities for improvement. Some of the areas for […]

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 […]