Today, the American Financial Services Association joined a diverse, multi-industry effort #UnitedForPrivacy , calling on Congress and the Biden Administration to pass bipartisan, federal privacy legislation.   The effort includes 19 different trade associations, as well as the U.S. Chamber of Commerce and 81 regional Chambers of Commerce.   A state-by-state privacy-policy patchwork is a drag on consumers, small […]

In an effort to help workers keep their jobs and assist businesses who struggled because of the pandemic, Rep. Elaine Luria (D-VA) urged the Small Business Administration (SBA) to clarify that small finance companies are eligible to receive Paycheck Protection Program (PPP) loan forgiveness. In Rep. Luria’s letter sent earlier this week, she said, “these […]

Join this must-attend, annual overview on the latest perspectives from industry leaders on where 2022 will take us. What business strategies and practices used to adapt to the pandemic will carry over to a “new normal”? What consumer trends and demands regarding vehicle purchases bear watching? Register today and join: Steven Ricchiuto talking about the […]

As the Consumer Financial Protection Bureau (CFPB) noted last week, financial readiness is military readiness. But financial priorities will be different for just about every active military servicemember depending on their or their family’s circumstances. A servicemember who is focused on repaying a loan on a car she no longer has, while also paying another […]

AFSA is saddened by the death of Mike Kane on January 5th. Mike was a leader at Ally Financial as Senior Vice President of Consumer Credit Operations. He was also a positive force for the consumer credit industry at-large, serving as a key member of the Credit Risk Committee with AFSA. Over the past several days, Mike’s Ally colleagues have celebrated his life and […]

The Featured Business Partner for January is GOLDPoint Systems. GOLDPoint Systems offers one of the most complete Loan Management Software Systems in the Direct and Indirect market, covering the complete loan life cycle. Our products include online portals, custom scoring, origination, loan servicing, collections, accounting, reporting, document storage and e-signatures. We also offer many integrations […]

Earlier this week, the CFPB released its Annual Report of Credit and Consumer Reporting Complaints. In the analysis and the accompanying press release, the Bureau expressed concern about the number of credit reporting complaints and the responses to those complaints. It would be helpful if that concern was based on accurate data and analysis. But […]

On January 6, AFSA submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) regarding its Small Business Lending Data Collection Rule (the Rule).  The Rule implements Section 1071 of the Dodd Frank Wall Street Reform and Consumer Protection Act, which directs the CFPB to collect data from creditors regarding credit extended to small […]

AFSA’s State Government Affairs (SGA) team published its 2022 State Legislative Preview and 2021 Review white paper this week. This paper is intended to provide AFSA members with a comprehensive preview of state legislative and regulatory activity in 2022 relating to key issues for AFSA members by reviewing the trends of the previous legislative session. The 2021 legislative session proved to […]

In November, the Federal Reserve launched its quinquennial Survey of Finance Companies. The survey collects financial statement data from the finance company industry to benchmark the industry in its G.19 (consumer credit) and G.20 (finance companies) statistical releases. It also informs the Federal Reserve about current finance company activities. You may have received it from […]