Earlier this year the Consumer Financial Protection Bureau (CFPB) released a policy statement intended to explain the legal prohibition on abusive conduct in consumer financial markets. At the time, we called it a perhaps-well-intended-but-flawed effort that could substantially hamper the consumer financial marketplace. Just as concerning as the seeming lack of understanding or appreciation for how the consumer credit market operates, […]

Alfa, the market-leading provider of software for the asset finance industry, is proud to announce the completion of the Amazon Web Services (AWS) Foundational Technical Review (FTR) for Alfa Cloud, its single-tenant Software-as-a-Service product, and subsequent acceptance into the AWS Partner Network (APN). The AWS FTR enables AWS Partners to identify and remediate any risks […]

AFSA is pleased to announce that U.S. Ski and Snowboard Hall of Famer, Chris Waddell, will be the inaugural Level Up Luncheon speaker at our Annual Meeting in Salt Lake City. Waddell, a world-class athlete and founder of the One-Revolution Foundation, is a 13-time Paralympic medalist, author, and the first ambassador to the International Paralympic Committee. […]

Last week, the American Financial Services Association (AFSA) led a group of trade associations in submitting a comment letter to the Consumer Financial Protection Bureau, urging the agency to address the disparities that exists for financial institutions working to implement the Bureau’s Small Business Lending Data Collection Rule (the “1071 Rule”) by pausing the 1071 […]

AFSA’s State Government Affairs team sent a letter to the New York Department of Financial Services (DFS) regarding its recent revised proposed second amendment to the DFS cybersecurity regulations. In the letter, AFSA highlights concerns and suggests clarifications for various sections, including the definition of Chief Information Security Officer (CISO), the use of internal auditors […]

We’re still a couple weeks away from Labor Day, but it’s probably not early enough to remind ourselves that consumers are paying more than $700 a month more on average for groceries, gas, and other goods and services than they did two years ago. Inflation rates may be going down, but month to month expenses […]

PayNearMe has been named one of the World’s Top 200 Fintech Companies by CNBC. The company is included as one of the world’s top 40 digital payments companies. This award recognizes PayNearMe’s cutting-edge payments technology platform, strong business model, and growing  client base, validating that the company is actively shaping the market and advancing innovation. Read the […]

Last week, the American Financial Services Association joined the American Bankers Association, ACA International, Consumer Bankers Association, Credit Union National Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, National Council of Higher Education Resources, and Student Loan Servicing Alliance in commenting on the Federal Communications Commission’s (FCC) call-blocking proposal. The FCC proposal reiterates […]

Cox Automotive | Aftermarket Refund Legislation & Risk Mitigation Early auto loan terminations often put extra compliance burdens on lenders: Are you responsible for refunding consumers? How easy is it to follow the rules when they differ by state — and at the federal level? Experts from the legal firm Nisen & Elliott, LLC and […]

Earlier this week, the American Financial Services Association joined the American Bankers Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, National Council of Higher Education Resources, and Student Loan Servicing Alliance in a comment letter to the Federal Communications Commission (FCC). In its Notice of Proposed Rulemaking, the FCC proposes to codify and, […]