Earlier this week, the CFPB released its Annual Report of Credit and Consumer Reporting Complaints. In the analysis and the accompanying press release, the Bureau expressed concern about the number of credit reporting complaints and the responses to those complaints. It would be helpful if that concern was based on accurate data and analysis. But […]

On January 6, AFSA submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) regarding its Small Business Lending Data Collection Rule (the Rule).  The Rule implements Section 1071 of the Dodd Frank Wall Street Reform and Consumer Protection Act, which directs the CFPB to collect data from creditors regarding credit extended to small […]

AFSA’s State Government Affairs (SGA) team published its 2022 State Legislative Preview and 2021 Review white paper this week. This paper is intended to provide AFSA members with a comprehensive preview of state legislative and regulatory activity in 2022 relating to key issues for AFSA members by reviewing the trends of the previous legislative session. The 2021 legislative session proved to […]

In November, the Federal Reserve launched its quinquennial Survey of Finance Companies. The survey collects financial statement data from the finance company industry to benchmark the industry in its G.19 (consumer credit) and G.20 (finance companies) statistical releases. It also informs the Federal Reserve about current finance company activities. You may have received it from […]

Today, the American Financial Services Association submitted a letter to Secretary Janet Yellen in support of creating a Presidential Commission for Financial Inclusion at the Department of the Treasury. The concept was proposed by Democrat Sens. Christopher Coons (DE), Raphael Warnock (GA), and John Hickenlooper (CO). You can read the letter here. So, why do […]

Last week, AFSA wrote a letter to the House Select Committee on Economic Disparity and Fairness in Growth to support its roundtable discussion on Serving Unbanked and Underbanked Americans. The bipartisan roundtable featured perspectives on how to increase participation for individuals unable to access traditional banking services by the business community. AFSA urged the Select […]

Join global leaders weighing in on the industry’s top priorities at the start of the new year – the pandemic, supply chain, inflation, consumer spending, interest rates, unemployment, remote work, and more. What do they anticipate as their companies continue to transform their organizations and business models? Register today and join:  Marc Womack, Head of […]

This week, AFSA and the U.S. Chamber of Commerce (Joint Trades) submitted amicus briefs before the Missouri Supreme Court in two cases involving the enforceability of arbitration provisions in loan agreements, Bridgecrest Acceptance Corp. v. Donaldson and Haulcy and Bridgecrest Acceptance Corp. v. Jones. In both cases, the Joint Trades wrote in support of the […]

Last month, Senator John Boozman (R-AR) led a group of 19 other Senators in opposing the United States Postal Service (USPS) expansion into banking after. the USPS launched a banking pilot program in September to expand consumer financial services to check cashing services. The program enables customers to purchase gift cards, which can be used like debit cards, of up to $500 using payroll or […]

On November 29, AFSA’s Director of State Research and Policy, Matt Kownacki, testified at a District of Columbia Council committee hearing in opposition to B24-0357. The bill would permanently amend DC’s laws relating to debt collection to place significant new restrictions on creditors collecting from and communicating with their customers. While AFSA’s members are committed to preventing abusive collection practices, some of the proposed bill’s provisions would result in […]