Today, the American Financial Services Association (AFSA) joined several other financial services trade associations in a letter urging Congressional leaders to pass legislation to uniformly apply the Federal Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) accounting standards to all financial institutions, including other non-depository institutions. In March, when President Donald Trump signed the Coronavirus Aid, […]

On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) announced a request for information (RFI) on preventing credit discrimination and building a more inclusive financial system.  Information about this effort is available at here. AFSA strongly supports the Equal Credit Opportunity Act. The RFI seeks feedback on issues including disparate impact, limited English proficiency, special […]

The American Financial Services Association‘s members have for more than a century believed that their success was built on the personal, face to face relationships they have built with their customers, sometimes generations of customers. But over the past few months, AFSA’s Work from Home Initiative  has been pushing for greater work from home flexibility […]

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In the latest episode of the AFSA Extra Credit Podcast, we talk with Andrea Cottrell, Associate with Hudson Cook LLP. Andrea works with financial service providers on compliance with federal and state regulations and consumer protection laws, including those laws enforced by the Consumer Financial Protection Bureau, the Federal Trade Commission, the Federal Communications Commission, and […]

The Consumer Financial Protection Bureau today announced that it will host a symposium to discuss the cost-benefit analysis of financial protection regulations on July 29 at 9:30 a.m. AFSA staff will attend. “The symposium is intended to seek perspectives [on] the use of cost-benefit analysis in consumer financial protection regulations,” the Bureau’s press release noted. […]

Last week, the Federal Communications Commission (FCC) approved further rulemaking that would clarify that telephone companies are prohibited from imposing a charge on callers for removing erroneous call blocks and must implement a redress mechanism to receive safe harbor protections. Specifically, this order would provide a safe harbor for telephone companies that use call authentication information to […]

The American Financial Services Association (AFSA) sent a letter yesterday to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Charles Schumer (D-NY) requesting that the following measures be included in the Senate pandemic relief package that is expected to be rolled out this week. Apply relief from the Current Expected Credit Loss (CECL) standard for the […]

What Should We Expect? Federal & State Issues There couldn’t be a more timely session on issues facing our industry. Join this session for an informative discussion on the latest federal, state, and legal issues affecting the financial services industry. AFSA experts will cover Congress, changes at the CFPB, and the legislative and regulatory environment […]

The American Banker reported on Sunday (July 19) what AFSA has been saying for years – banks aren’t making, and don’t want to make, small-dollar loans. In the article, Uncertainty About CFPB Has Banks Leery of Small-dollar Lending, author Kate Berry writes that despite the fact that the Trump administration has urged banks and credit unions to compete in […]