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House Committee Explores Way to Expand Banking Services
Jul 23, 2021

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 […]

House Votes to Expand FTC Enforcement Authorities
Jul 23, 2021

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 […]

DoD is Misinformed on Rate Caps
Jul 22, 2021

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 […]

LISTEN | State of Credit #3 – Will Lund, Maine
Jul 21, 2021

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 […]

WATCH | FCRA Data: The Key to Unlocking an Expanded Credit Universe
Jul 19, 2021

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, […]

Consumer “Advocate”: Blood, Sweat and Tears Are All You Need
Jul 16, 2021

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 […]

Survey: Rate Caps Are Harming Servicemembers
Jul 15, 2021

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. […]

AFSA Systems Maintenance Complete
Jul 15, 2021

AFSA’s login systems maintenance is now complete. Members should be able to access password-protected resources, including AFSA*Track, with no issue. If you do encounter an issue, please contact Dan Bucherer at dbucherer@afsamail.org. Thank you for your patience as we work to make your experience better.

Senate Schedules Hearing on Anti-Consumer Rate Cap Bill
Jul 13, 2021

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 […]

Biden Issues Executive Order Promoting Market Competition
Jul 13, 2021

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 […]

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