Minding the GAP
Sep 25, 2019
At least one of the examinations the Consumer Financial Protection Bureau (CFPB) completed in 2018 included instances in which auto lenders sold a GAP product to consumers under circumstances which the CFPB found led to an abusive practice. The regulator noted that lenders sold a GAP product to consumers whose low loan-to-value (LTV) meant that they would not benefit from the product.
Cut through the manual process knot
Sep 24, 2019
Join us on October 1 at 2:00 p.m. ET for Get untangled from manual loan origination processes¸ presented by White Clarke Group.
AFSA Opposes Un-FAIR Advantage for Plaintiffs’ Lawyers
Sep 20, 2019
The American Financial Services Association reiterated its opposition to Congressional efforts to limit the use of arbitration in contracts. AFSA strongly opposes HR 1423, the “Forced Arbitration Injustice Repeal Act” (FAIR), which would effectively outlaw arbitration provisions in private contracts. Despite broad opposition from an array of industries, the bill passed out of the Judiciary Committee on September 10 by a largely party-line vote of 22-14, and was approved by the House of Representatives by a 228-196 party-line vote.
AFSA Board of Directors Announcement
Sep 19, 2019
The AFSA Nominating Committee has approved two new members of the AFSA Board of Directors.
Customer-Creditor Relationship in Debt Collection Must be Maintained
Sep 18, 2019
The comment period for the first-ever regulations of the Fair Debt Collection Practices Act (FDCPA) closed today. In its letter to the Consumer Financial Protection Bureau (CFPB), the American Financial Services Association (AFSA) commended the Bureau for bringing the FDCPA into the 21st century, and for taking the opportunity to study the third-party debt collection market.
CFPB Announces Changes to Consumer Complaint Database
Sep 18, 2019
The Consumer Financial Protection Bureau (CFPB) today announced upcoming enhancements to the Consumer Complaint Database. The changes include, “modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions.”
CFPB Unconstitutional Says Director
Sep 17, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger informed congressional leaders and agency staff that she now supports a legal effort challenging the constitutionality of the regulator.
Simplifying your IT Landscape
Sep 16, 2019
House Bill Gives “Plaintiff Lawyers” Un-FAIR Advantage
Sep 12, 2019
This week, the American Financial Services Association pushed back against another Congressional attempt to limit the use of arbitration in contracts. AFSA strongly opposed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act, which would effectively outlaw arbitration provisions in private contracts. AFSA wrote to the House Judiciary Chairman and Ranking Member, noting “… class action lawsuits that take years to be adjudicated, clog the court system, and result in comparatively small payouts for consumers.” AFSA added, “Arbitration is already governed by the Federal Arbitration Act and has been approved by the Supreme Court, which recognized arbitration as a fair and effective mode of settling dispute between borrowers and creditors.”
AFSA Applauds CFPB on Implementation of Three Key Policies
Sep 10, 2019
The American Financial Services Association, which for more than a century has advocated for pro-consumer policies on behalf of the consumer credit industry applauds the Consumer Financial Protection Board’s implementation of three new policies that bring increased certainty to the financial marketplace for financial institutions and consumers alike.