On Friday, October 1 AFSA’s State Government Affairs (SGA) team published their October White Paper covering credit repair organizations. Credit repair organizations claim to seek to improve a consumer’s credit score by having negative information removed from a consumer’s credit report. However, improving credit takes time and commitment to a repayment plan—there is no quick […]

Sponsored by Join us at the 2021 Annual Meeting in Washington, D.C., from October 24 through October 27, highlighted by our AFSA Leadership Roundtable Roundtable. Join AFSA President & CEO Bill Himpler, AFSA Chairman Tom Hudgins, and AFSA incoming Chairman Jim Drotman for a review of the year in consumer credit, as well as a discussion on the opportunities and […]

Today, the American Financial Services Association released a statement regarding the nomination of Saule Omarova to serve as the Comptroller of the Currency.  The nomination of Saule Omarova to serve as Comptroller of the Currency raises serious questions that must be addressed regarding her commitment to capitalism and competition as foundational principles of the American […]

Advancing technology, evolving regulations and a necessary shift to online transactions due to the pandemic has resulted in profound changes in the specialty finance industry. Many lenders have struggled to keep up with the digital demands of consumers. Others have grown their bottom-line and fostered a larger, more satisfied customer base. Businesses that have prioritized digital transformation […]

While we expect almost 300 AFSA Members and Business Partners to gather in Washington, D.C., we know that some Members and Business Partners are still operating with travel restrictions. To meet their needs, AFSA will offer a Digital Pass for our Annual Meeting, with live access to all General and Breakout sessions. WHAT YOU CAN EXPECT FROM DIGITAL ACCESS Get the key […]

October’s Featured Business Partner is Hudson Cook, LLP. We asked them a few questions about the state of play in Washington as we move into 2022. Learn more at hudsoncook.com. What recent developments at the federal regulators should be on the radar for the financial services industry? CFPB Despite the delay in confirmation of a […]

Yesterday, the Consumer Financial Protection Bureau released a report entitled, Data Point: Subprime Auto Loan Outcomes by Lender Type. The report compares the interest rates on subprime auto loans made by small and large Buy Here Pay Here (BHPH) companies, small and large finance companies, banks, and credit unions. Unsurprisingly, the report data shows that interest rates […]

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 […]