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 […]

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 […]