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 […]

Last week, the U.S. House of Representatives passed the FY2022 National Defense Authorization Act (NDAA), which included three amendments on which AFSA commented in a previous letter to the House Rules Committee. AFSA supported two amendments and opposed one. In addition, the House passed an amendment aimed at ending arbitration agreements for members of the Armed Services. Below is a quick summary of the three amendments.    Amendment […]

Join RSM’s industry leaders for a The Customer Experience Journey: Is Your Company Keeping Up With The Times? on October 7, 2021 at 2:00 p.m. ET to learn about the opportunities for lenders to adapt to these changes through innovation and an improved customer experience. Advancing technology, changing regulations and a necessary shift to online […]

On September 17, AFSA submitted comments in response to proposed rules from the California Department of Financial Protection and Innovation (DFPI). The proposed rules set forth requirements for licensees to establish a process for receiving and responding to consumer complaints. The prescriptive rules set specific timeframes for resolving complaints and the various disclosures about the process […]

Today, AFSA and about thirty other financial services trades sent a letter to the House Speaker Pelosi and Minority Leader McCarthy in advance of their consideration of a tax provision in the reconciliation package. The provision, which AFSA and others strongly oppose, would establish a broad new tax information reporting requirement, negatively impacting both individuals […]