Last week, Representative Andy Ogles (R-TN) introduced a Congressional Review Act (CRA) to address the Consumer Financial Protection Bureau’s (CFPB) nonbank registry rule related to enforcement. Representative Ogles has been a strong advocate for the financial services industry and expressed opposition to the registry when it was initially proposed. He stated that the “nonbank registry would impose severe and complex compliance measures on covered nonbank entities, including many small businesses. It’s an unnecessary, duplicative rule that pushes bureaucracy and costs onto...
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced the addition of Baselayer as its newest member. Founded by experienced fintech entrepreneurs, Baselayer aims to reduce friction in Know Your Business (KYB) reviews for small to midsize companies and mitigate B2B fraud. The company leverages artificial intelligence to manage a centralized system for privacy-compliant data sharing between financial institutions, aligning with AFC’s mission to promote a more responsible and inclusive financial...
DETROIT, September 3, 2024 – Rocket Companies (NYSE: RKT) has announced the appointment of Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), effective immediately. In this newly created role, Sogorka will be responsible for the end-to-end vision and growth of Rocket’s broker business. He plans to leverage Rocket Mortgage’s AI technologies to enhance tools available to mortgage brokers.
The American Fintech Council (AFC) has voiced strong objections to a proposed rule by the Consumer Financial Protection Bureau (CFPB) regarding Earned Wage Access (EWA) products. In a comment letter submitted to the CFPB, AFC argues that the proposal would misclassify EWA products as credit, overturning previous guidance from the CFPB and causing significant harm to consumers.
AFSA’s State Government Affairs team has petitioned the New Hampshire Bank Commissioner for an emergency rule or order concerning NH HB 1243. AFSA has been actively engaged with the New Hampshire Banking Department throughout the finalization process of HB 1243, which represents a significant overhaul of the state’s longstanding vehicle finance code.
Last week, the American Financial Services Association (AFSA) sent a letter to the Consumer Financial Protection Bureau (CFPB), reiterating its enforcement concerns with the nonbank registry. AFSA has previously noted that the rule is overly broad and conflicts with various consumer protections already in place at both federal and state levels. According to AFSA, such a backward-looking registry could lead to multiple actions by multiple regulators for activities that have already been addressed.
Lindsey Johnson, the president and CEO of the Consumer Bankers Association (CBA), said that certain government regulations proposed under the Biden Administration "will undoubtedly have far-reaching ramifications for consumers, banks, and the economy." Johnson made the statement in a RealClear Markets op-ed posted on August 16.
In a court testimony this week, Kroger’s senior director for pricing admitted the grocery conglomerate hiked prices above and beyond inflation for eggs and milk.
The American Fintech Council (AFC), the leading industry association representing responsible fintech companies and innovative banks, has announced the addition of five new members. These regional and community banks are committed to fintech innovation and bring extensive experience in serving community needs.
A recent report by the Consumer Financial Protection Bureau (CFPB) has highlighted that three large retail conglomerates—Dollar General, Dollar Tree, and Kroger, which operates Family Dollar, Harris Teeter, Ralph’s, and other businesses—have charged consumers over $90 million annually in fees for cash-back from debit or prepaid card purchases. The report emphasized that many of the customers paying these fees belong to "economically vulnerable populations."
The American Fintech Council (AFC) announced today the addition of Stearns Bank N.A. as its newest member. Founded in 1912, Minnesota-based Stearns Bank has become a nationally recognized financial institution with branches in Minnesota, Arizona, and Florida. With a focus on expanding access to responsible credit and capital nationwide, Stearns Bank joins AFC's community of companies driving the future of financial services.
DETROIT, August 26, 2024 – Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), introduced “Welcome Home RateBreak,” a lender-paid 2-1 temporary buydown program. This initiative allows buyers to benefit from a mortgage rate reduced by two percentage points in the first year and one percentage point in the second year before reverting to the note rate in the third year.
Today, August 26th, AFSA marks the 104th anniversary of Women’s Equality Day and the significant achievement of the 19th Amendment’s ratification. This amendment, passed in 1919 and ratified in August 1920, made a historic change in the U.S. Constitution by enshrining women’s right to vote. As we celebrate this milestone, let’s renew our dedication to the ideals of equality and justice, acknowledging that the pursuit of gender equality continues to drive societal progress.
This week, the American Financial Services Association (AFSA) and other trade organizations filed an amicus brief supporting a vehicle finance company facing enforcement action from the Consumer Financial Protection Bureau (CFPB). The CFPB is attempting to amend settled law that has guided the financial services industry for decades through a suit against a single finance company, bypassing the formal notice-and-comment rulemaking process.
The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has announced the addition of Lincoln Savings Bank (LSB) as its newest member. Founded in 1902, LSB is owned and managed by Iowans and offers full-service community banking and financial services, along with fintech and banking as a service offerings through its LSBX division. At AFC, LSB joins other companies driving the future of financial services with customer-oriented solutions.
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