AFSA’s State Government Affairs (SGA) team published a new 50-state survey on installment lending licensing. The survey provides an overview of state licensing requirements. In 34 states and the District of Columbia licensees can apply through the Nationwide Multistate Licensing System (NMLS). In 16 states, licensees must apply directly with the state regulator. The survey […]

This week, AFSA’s State Government Affairs (SGA) team, in collaboration with the California Financial Services Association (CFSA), sent a letter to the California Department of Financial Protection and Innovation (DFPI) regarding DFPI’s proposed rulemaking on the consumer complaint process under the California Consumer Financial Protection Law (CCFPL).   The letter expresses AFSA and CFSA’s concern that […]

Ready for a CFPB Auto Finance Examination on VPP processes? A consumer case study may show you are not The CFPB, state attorneys general, and other regulators have increased their focus on lender practices for cancelling and refunding voluntary protection products (VPP), such as GAP/ Debt Waivers. Their goal is to ensure consumers are made […]

The CFPB recently released an interpretive rule articulating its view regarding digital marketing and the definition of service provider under Dodd-Frank (or the Consumer Financial Protection Act as codified).  Companies that meet the definition of service provider under the law are subject to the CFPB’s authority and are obligated to comply with the federal consumer […]

Yesterday, AFSA submitted a comment letter to the Chairs and ranking Members of the House and Senate Armed Services Committees outlining its position on several provisions of the National Defense Authorization Act (NDAA) for Fiscal Year 2023 (S. 4543 and H.R. 7900). The NDAA sets the annual budget and spending priorities of the Department of […]

The Featured Premier Business Partner for August is Lightico. We asked them a few questions about their goals for 2022 and the benefits of being an AFSA Business Partner. Learn more about Lightico.com. What are some key initiatives for your clients in 2022 that you are planning to support? Rising inflation and high oil prices […]

Join us on August 17, 2022 at 2:00 p.m. ET for The CFPB Flexes its Muscle in the Fair Lending and Anti-Discrimination Space: Thoughts on How to Reduce Your Risk. Earlier this year, the Consumer Financial Protection Bureau (CFPB) substantially expanded its authority to police alleged discrimination by issuing a revised Unfair Deceptive Acts and Practices […]

The Consumer Financial Protection Bureau (CFPB) today announced a series of technical readiness events in preparation for compliance with Small Business Lending data reporting requirements. “These events are targeted towards in-house technologists at financial institutions and providers or vendors that support financial institutions in building, modifying, or using software systems for regulatory compliance,” the Bureau’s […]

Last month, AFSA, along with ACA International, the Consumer Data Industry Association, and the National Automobile Dealers Association, requested that the Federal Trade Commission (FTC) delay the effective date of the Standards for Safeguarding Customer Information rule (Final Rule) until December 2023. Complying with the new rule will require the creation of new processes and extensive vetting […]

Today, the American Financial Services Association wrote to the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC), commenting on their efforts to modernize the Community Reinvestment Act (CRA). While these efforts are appreciated, the proposed inclusion of automobile loans as a mandatory part of the […]