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portion of time voicing opposition to the CFPB’s newly finalized rule concerning small-dollar lending, which rescinded the mandatory […]

The AFSA Annual Meeting & Independents Conference & Expo is moving completely online. And we’re using the opportunity to redefine and reimagine the AFSA meeting experience from the virtual ground up. The conference agenda will be spread over three days, Tuesday, October 6th through Thursday, October 8th, with each day featuring three to four hours of compelling keynotes, informative and interactive […]

“As you consider potential financial provisions for the COVID-19 response legislation now under discussion, we ask that you refrain from adding new credit reporting provisions that may negatively affect consumers,” the American Financial Services Association and several other trade associations wrote to Senate Banking Committee leadership yesterday. The CARES Act established requirements that protect consumers and preserve […]

Become an American Financial Services Association’s Business Partner and gain access to leaders in the $300 billion consumer credit marketplace, including consumer and sales finance companies, traditional installment lenders, mortgage lenders and services, payment card issuers, direct and indirect vehicle finance and leasing finance sources. Business Partners gain opportunities to attract new customers and gain new […]

AFSA has expressed concerns about the effect that the Current Expected Credit Loss (CECL) accounting standards have on financial institutions. Earlier this year, Congress extended the implementation date for banks to comply with the new CECL standard. AFSA has been working with Members of Congress, regulatory agencies, and the Administration asking that the delay be […]

The featured Business Partner for August is Datascan. DataScan has established itself as the North American leader in providing dealer floorplan lenders with technology-based solutions for wholesale asset financing and inventory risk management. Clients rely on our comprehensive technology solutions, industry knowledge and expert team to successfully manage their business and reduce risk. Built upon […]

Today the Senate Banking, Housing, and Urban Affairs Committee held a hearing with the Director of the Consumer Financial Protection Bureau (CFBP), Kathleen Kraninger, to discuss the Bureau’s most recent Semi-Annual Report to Congress. The report details the Bureau’s activities during the pandemic to protect consumers’ finances and provide guidance to the financial industry to […]

Given the world in which we currently live, companies can no longer return to a static plan. What’s needed now is a dynamic strategy based on the ability to quickly absorb information and rapidly incorporate lessons learned in the marketplace. This webinar will review the current challenges consumer finance companies are encountering in marketing and […]