While votes are still being tabulated in some House of Representatives races, both the Senate and the Presidential election have been called for Republicans. President-elect Donald Trump won both the Electoral College and the popular vote. News outlets are predicting the House will likely remain in the GOP’s hands. Sen. Tim Scott (R-SC) is likely […]

Last week, the Treasury Department released their Financial Inclusion Report. AFSA responded to the RFI at the time it was released, emphasizing action that AFSA members take to encourage financial literacy and suggested that further work in the financial inclusion space include clear and enforceable guidelines around AI and machine learning, as new opportunities lie in […]

The featured Business Partner for the month of November is Hudson Cook. Established in 1997, Hudson Cook, LLP focuses its practice on laws related to financial services, banking and information privacy. In addition to the regulatory compliance practice we assist with government supervision and enforcement, and consumer litigation. Our attorneys understand the complex financial services, […]

This week marked the 50th anniversary of the Equal Credit Opportunity Act (ECOA), a groundbreaking law that transformed financial access for women in the United States by prohibiting discrimination in lending practices. Enacted in 1974, the ECOA empowered women to obtain credit in their own names, a right that many were previously denied due to their […]

Yesterday, AFSA responded to a request for information from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. The agencies are interested in learning more about bank-fintech arrangements, especially how these arrangements ensure that consumers are properly protected. AFSA’s response emphasized the positive effects these arrangements can have on […]

AFSA is saddened to learn of the death of long-time law Committee Vice Chairman Alvin O. Wiese on October 11 at the age of 95. A graduate of the University of Southern California Law School, Al was admitted to the bar in 1954 and dedicated his life to representing consumer finance lenders, AFSA, and the […]

A bipartisan group of Representatives recently led by Rep. Blake Moore (R-UT) sent a letter to FDIC Chair Martin Gruenberg, urging the withdrawal of the proposed rule governing parent companies of industrial banks and industrial loan companies. The letter highlighted the uncertainty that would occur if the rule was finalized and how that would impede the ability of ILCs to offer crucial products and […]

Yesterday, Representatives Wiley Nickel (D-NC) and Young Kim (R-CA) introduced the bipartisan “Ending Credit Repair Scams Act” (HR 9991). This bipartisan legislation would protect financially distressed consumers from shady credit repair organizations (CROs) that falsely promise to rebuild their credit history while charging expensive up-front and monthly fees. The American Financial Services Association (AFSA) and […]

AFSA recently joined the Bank Policy Institute (BPI) and America’s Credit Unions (ACU) in filing an amicus brief in support of the argument that the CFPB’s recent changes to the Supervision and Examination Manual go far beyond policing intentional discrimination. In March 2022 the Bureau amended the UDAAP chapter of the manual to address the interaction between unfairness and discriminatory conduct. In September 2022 the U.S. Chamber of […]

The New York Times reached out recently for AFSA’s perspective regarding the recent Consumer Financial Protection Bureau supervisory review of auto financing practices. We were happy to share some thoughts for the Times’ story (subscription required). As we noted, the CFPB is quick to categorize errors as though they are malicious, intentional … or profitable. […]