The House Financial Services Committee (FSC) held a hearing earlier this week entitled, “Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System,” to discuss trends in unbanked and underbanked households and proposals to expand the availability of safe and affordable banking and financial services. The FSC specifically examined the […]

This week, the House of Representatives passed the “Consumer Protection and Recovery Act” (H.R.2668) to give the Federal Trade Commission (FTC) enhanced ability to bring enforcement actions against fraudsters and scammers and collect monetary relief for consumers harmed. Specifically, H.R. 2668 would amend Section 13(b) of the FTC Act to explicitly reaffirm the FTC’s authority […]

The recent 2021 “Report on the Military Lending Act and the Effects of High Interest Rates on Readiness” is public and makes the following statement: “The [Military Lending Act and Military Annual Percentage Rate] support Service members and families by ensuring they are not subject to unfair credit practices that can negatively impact financial readiness […]

This episode of the AFSA Extra Credit Podcast is the third edition of our 50-state series, where we’ll be asking questions of financial services regulators around the country. We’ll make our way through all 50 states getting to know the regulators that are part of our industry. Today, Danielle Fagre Arlowe, Senior Vice President and […]

The use of expanded Fair Credit Reporting Act (FCRA) – or alternative – data has continued to gain popularity among lenders and financial institutions. Today’s volatile economy, exacerbated by financial disparities created by the pandemic, has highlighted the importance of financial inclusion and credit availability for unbanked and underbanked consumers. Join Experian experts Alpa Lally, […]

Occasionally someone slips and says something they are thinking but know they should never actually say publicly. This is what happened to poor Sara Nelson-Pallmeyer of Exodus Lending, a Minnesota-based nonprofit that claims to “advocate for fair lending laws.” In a recent story Nelson-Pallmeyer indirectly acknowledged that rate caps bar many consumers she claims to […]

In this month of July, we should remember the role United States servicemembers play in defending and preserving the blessings of freedom for all Americans. The American Financial Services Association (AFSA) is pleased to support Military Consumer Month, an annual July observance that highlights consumer protections and financial readiness for servicemembers, veterans, and their families. […]

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Senate Banking Committee Chair Sherrod Brown (D-OH) today announced that the committee would hold a hearing entitled, Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone on July 29 at 10:00 a.m. ET. The hearing will center on the claim that an arbitrary 36% “all-in” APR rate cap protects […]

President Biden issued an Executive Order (the “Order”) on issues related to market competition in the U.S. economy. Among other provisions, the Order calls on the Consumer Financial Protection Bureau (CFPB) to complete its rulemaking of Section 1033 of the Dodd-Frank Act to facilitate financial data portability and promote consumers’ rights to access and control […]