This week, the American Financial Services Association (AFSA) joined DACO Investments, Westside Credit Corporation, Inc., Motorists Acceptance Corporation, and Challenge Financial Services in filing an Appellant’s Opening Brief in the 5th Circuit. AFSA's members, like many businesses across the country, experienced significant revenue shortfalls with the onset of the pandemic.
Welcome to the latest edition of the Round-Up Blog from Assetz Capital for summer 2024. Despite unfavorable weather, it has been a productive and successful period for the company.
The American Fintech Council (AFC) has announced the addition of Oscilar as its newest member. Oscilar, a leader in AI-powered risk decisioning, provides advanced fraud prevention, credit decisioning, and AML compliance solutions. The company joins a group of industry leaders committed to promoting responsible innovation, enhancing financial inclusion, and maintaining robust consumer protection standards.
DETROIT, August 6, 2024 – Rocket Mortgage, the nation’s largest retail mortgage lender and part of Rocket Companies (NYSE: RKT), announced the launch of the Rocket Comedy Tour in partnership with comedian, writer, and director Mike Young. The 25-stop nationwide tour will feature headlining acts alongside Young in intimate theaters across the country, starting in Phoenix on October 11, 2024.
The American Fintech Council (AFC) has urged the Iowa Division of Banking (IDOB) to modernize the state’s consumer finance licensing statutes. The AFC, representing responsible fintech companies and innovative banks, submitted a comment letter advocating for improved access to financial services for historically underrepresented communities and increased regulatory clarity around credit products.
The Merchants Payments Coalition (MPC) continues its campaign to persuade Congress to pass the Durbin-Marshall Credit Card Bill, which is seen as primarily benefiting large corporate retailers. Recently, MPC has made claims about interchange fees that they acknowledge are "difficult to calculate." In a Twitter post, MPC suggested that credit cards are increasing the cost of back-to-school supplies.
The American Fintech Council (AFC) has expressed its support for a bipartisan Congressional letter addressing the Consumer Financial Protection Bureau’s (CFPB) proposed rule on personal financial data rights. AFC CEO Phil Goldfeder released a statement highlighting the organization's alignment with concerns raised by members of both parties.
Only a week ago, stronger-than-expected second-quarter economic growth was a top headline in the financial media. The major stock market indexes were near all-time highs, and with inflation trending lower, expectations had the Federal Reserve beginning an orderly easing of short-term interest rates as soon as September. A rare economic soft landing seemed like a sure thing.
As the Office of the Comptroller of the Currency (OCC) considers changes to banks' recovery planning requirements, it should tailor such requirements to banks' distinctive business models and risk profiles, according to a letter filed today by the Bank Policy Institute (BPI) and the American Bankers Association (ABA).
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at the American Fintech Council (AFC), issued a statement on August 2, 2024, expressing concerns over the Federal Deposit Insurance Corporation’s (FDIC) proposed rulemaking on brokered deposits.
Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued a statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency. The Ranking Member noted that Gruenberg is overseeing the creation of new offices to handle employee complaints while continuing to advance his own regulatory agenda.
Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report. This report is the culmination of the Working Group’s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors, in addition to recommendations to protect American capital markets from the threats posed by these politically motivated mandates.
The Bank Policy Institute and the Consumer Bankers Association have urged the Consumer Financial Protection Bureau (CFPB) to adhere to the Administrative Procedure Act (APA) in its regulation of buy-now-pay-later (BNPL) providers. In a letter sent today, the associations argued that the CFPB’s recently issued “interpretive rule” violates the APA due to its substantive nature.
Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, criticizing the agency's new corporate governance and risk management guidelines. The senators argue that these guidelines would harm the safety and soundness of the U.S. financial system.
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced today that MoneyLion has joined as its newest member. MoneyLion is a digital ecosystem for consumer finance aimed at empowering individuals to make informed financial decisions.
Alfa, a prominent provider of enterprise software for automotive finance, has announced the launch of Intelligent Automation as part of its Alfa Systems 6 platform. This feature leverages advanced cognitive technologies and predictive modeling to enhance efficiency through intelligent, automated decision-making tools.
In the past 24 hours, several ICBA members have reported a new form of fraud they have experienced in their banks this week: check fraud related to home equity lines of credit (HELOC). Members of ICBA's Check Fraud Task Force have also noted an uptick in HELOC-related check fraud.
In his opening remarks at the U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) emphasized the need for local solutions to address infrastructure challenges in both urban and rural communities. Scott criticized progressive policies for contributing to record-high inflation and increasing costs, arguing that these have hindered local efforts to improve infrastructure.