Sen. Pat Toomey (R-PA), the chairman of the Subcommittee on Financial Institutions and Consumer Protection, told Politico Pro Monday that one possibility for Dodd-Frank reform would be to employ a budget procedure known as “reconciliation.”
NCSL Session Focuses on Regulation of Fintech
Dec 12, 2016
Last week, the American Financial Services Association (AFSA) attended the National Conference of State Legislatures’ (NCSL) Capitol Forum in Washington. During the Forum, the NCSL Communications, Financial Services and Interstate Commerce (CFI) Committee held a session focusing on the regulation of fintech. The session was moderated by Maryland State Senator Brian Feldman and panelists included Margaret Lieu with the Conference of State Bank Supervisors, Nat Hoopes with the Marketplace Lending Association, and Robert Morgan with the American Bankers Association.
Transition Tracker | Arbitration Rule Update
Dec 08, 2016
In May 2016, the CFPB proposed a rule limiting the use of pre-dispute arbitration agreements. Comments were due in August of this year. The CFPB’s fall 2016 rulemaking agenda lists the final rule as being released in February of 2017.
Transition Tracker | Financial CHOICE Act Update
Dec 07, 2016
Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, is finalizing changes to The Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). The bill was introduced in the House on September 9, 2016, but must be reintroduced in the new Congress.
Transition Tracker | AFSA Provides Preliminary Outline of Recommendations to Transition Team
Dec 01, 2016
As reported yesterday, Treasury Secretary nominee Steve Mnuchin said that the number one problem with the Dodd-Frank Act is that it is too complicated and cuts back on lending. He added that the number one priority of the new Treasury Department is to strip back the parts of Dodd-Frank that prevent lending.
Today marks the 100th anniversary of the American Financial Services Association (AFSA) – then the American Association of Small Loan Brokers (AASL) – and the Russell Sage Foundation reaching an agreement on the Uniform Small Loan Law (or USLL), marking an important milestone for the emerging consumer credit industry.
Transition Tracker | Carson to Accept HUD Secretary Role; AFSA Member Named to Transition Team
Nov 29, 2016
Former Republican presidential candidate Dr. Ben Carson will formally accept the role of Secretary of Housing and Urban Development (HUD), according to a HousingWire report yesterday. Speculation about the appointment had been swirling for some time, but Carson put that matter to rest when he announced to sources that he would accept the job.
AFSA Comments on FTC Safeguards Rule
Nov 28, 2016
On Nov. 21, AFSA submitted a letter to the Federal Trade Commission (FTC) regarding the Commission’s Standards for Safeguarding Customer Information, the “Safeguards Rule.” AFSA urged the FTC to keep the flexible guidelines currently in the rule in place. Where appropriate, AFSA encouraged the FTC to provide a safe harbor.
Transition Tracker | Transition Landing Teams Signal Some Positives for Financial Services
Nov 28, 2016
Last week, President-elect Donald Trump announced several names for “landing teams.” The landing teams will collect information on each agency, including the agency’s budget, policies, priorities, and status of rulemakings. Members of a landing team do not necessarily end up with an appointment in the administration. Their job is to inform the transition team and help incoming appointees hit the ground running in January.