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 […]

To deliver a better user experience for all AFSA’s digital properties, we will begin upgrading Protech, its association management database, from July 12 through the 14th. The Protech system also controls Afsaonline.org login authentication – as a result there will be several areas of the AFSA website that will not be accessible during the maintenance […]

The House Financial Services Committee held a hearing earlier this week entitled, “A Biased, Broken System: Examining Proposals to Overhaul Credit Reporting to Achieve Equity,” which examined the following three legislative proposals: National Credit Reporting Agency Act: Creates a government-run credit reporting bureau administered by the CFPB to produce a government credit score for consumers. […]

The American Financial Services Association (AFSA) today submitted a comment letter in response to a Request for Information (RFI) from several federal agencies on financial institutions’ (FIs’) use of artificial intelligence (AI), including machine learning (ML).   “AFSA believes that AI and ML can help expand access to responsible credit while at the same time satisfying […]

The featured Premier Business Partner for July is Cox Automotive Lending Solutions. Dealertrack provides innovative technology that is critical to the success of any automotive dealership or lending institution. Our unmatched product suite fosters efficiency through integration and enables growth-focused decision-making that yields measurable results. The powerful combination of Dealertrack products and our large-scale network […]

To deliver a better user experience for all AFSA digital properties, we are upgrading Protech, the association management database, from July 12 through the 14th. The Protech system also controls Afsaonline.org login authentication. As a result, the following systems will be unavailable during the maintenance period: Member Login AFSA Communities Members-only Documents AFSA*Track Access Member […]

This episode of the AFSA Extra Credit Podcast is the second 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 […]

Last week, Representatives Madeleine Dean (D-PA) and Kelly Armstrong (R-ND) introduced the bipartisan SECURE Notarization Act (H.R. 3962). The bipartisan would expand the usage of Remote Online Notarizations (RONs), enabling businesses and consumers to execute critical documents using two-way audiovisual communication in different physical locations. Earlier this month, AFSA joined a broad array of trade […]

“History, despite its wrenching pain, cannot be unlived, but if faced with courage, need not be lived again.”                                                                                                      – Maya Angelou Tomorrow we mark Juneteenth, a reminder of the challenging and worthy work our society must undertake for justice and healing. Given the reckoning that has been underway in America over the past […]