The American Financial Services Association along with several AFSA members is seeking a veto or a chapter amendment to legislation recently passed by both chambers in New York. AFSA communicated with both the Assembly and the Senate in advance and has reached out directly to New York Governor Andrew Cuomo about Senate Bill S5470B, which […]

The Federal Reserve Board of Governors on August 12 released an extensive study entitled The Cost Structure of Consumer Finance Companies and Its Implications for Interest Rates: Evidence from the Federal Reserve Board’s 2015 Survey of Finance Companies. The study, authored by Lisa Chen and Gregory Elliehausen, confirms and expands on what AFSA has been saying for decades: […]

The American Financial Services Association is the premier consumer credit trade association in the country offering its members support and services that help them to continue to offer their consumers reliable, high-quality credit access. AFSA business partners play a key role in helping the association do just that. AFSA Business Partner members also realize a […]

As AFSA builds a stellar virtual experience for attendees and Business Partners at the 2020 Virtual Annual Meeting & Independents Conference & Expo, we are pleased to announce our second keynote speaker, pollster Kristen Soltis Anderson. The conference opens Tuesday, October 6th and runs through Thursday, October 8th with each day’s sessions running from 11 a.m. to 2 p.m. ET with compelling keynotes, informative and […]

As AFSA builds a stellar virtual experience for attendees and Business Partners at the 2020 Virtual Annual Meeting & Independents Conference & Expo, we are pleased to announce that former Consumer Financial Protection Bureau Director, Richard Cordray, will present as a keynote speaker.   Richard Cordray served for six years as the first Director of the Consumer Financial Protection Bureau. […]

The 9th Circuit Court of Appeals recently issued a favorable ruling in a bankruptcy case, Melissa C. Mather Bobka v. Toyota Motor Credit Corp., No. 18-55688. AFSA submitted an amicus brief in the case, arguing that if the case was decided in favor of the plaintiff, consumers would face difficulties in achieving a true fresh start after a […]

This week, AFSA commented on the Consumer Financial Protection Bureau’s (CFPB) proposed rulemaking on time-barred debt disclosures. Specifically, the proposed rule would require a debt collector collecting on a debt (that the debt collector knows or should know is time-barred) to disclose: (1) that law limits how long the consumer can be sued for a debt, and […]

Senate Banking Chairman Mike Crapo (R-ID) introduced an amendment to the proposed COVID relief package that delays the Current Expected Credit Loss (CECL) accounting standard for all entities, not just depositories, until either the first day of the fiscal year after the pandemic national emergency ends, or January 1, 2023, whichever comes first. AFSA has […]

This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) proposed rule to facilitate the transition away from LIBOR to a replacement index. LIBOR is an index used by creditors to calculate rates for open-end and closed-end products, but is expected to be discontinued after 2021. AFSA’s letter supports the rulemaking […]

After Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger testified before the Senate Banking Committee, which AFSA summarized here, she testified before the House Committee on Financial Services. During the July 30 House hearing Democrats spent a significant portion of time voicing opposition to the CFPB’s newly finalized rule concerning small-dollar lending, which rescinded the mandatory […]