American Financial Services Association News

Supreme Court ruling impacts Chevron deference for federal regulatory agencies

On June 28, 2024, the U.S. Supreme Court issued a significant ruling regarding the Chevron deference, impacting industries and businesses regulated by federal agencies such as the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC).

Concerns raised over American Privacy Rights Act's impact on business innovation

In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodgers (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works best for businesses and consumers alike. AFSA is highly supportive of legislation that creates a federal standard of consumer privacy protection. However, such legislation should ensure that financial institutions that already comply with strong data privacy and security requirements under the GLBA have a clear exemption. This will avoid...

CFPB increases scrutiny on auto finance amid new Supreme Court ruling

Lenders are facing renewed regulatory scrutiny at both the state and federal levels. The Consumer Financial Protection Bureau (CFPB) is intensifying its oversight of auto finance, following a recent US Supreme Court ruling that upheld the CFPB's funding mechanism as constitutional under the Dodd-Frank Act.

Federal judge sides with financial groups against new Colorado lending law

In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association (AFSA), the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a Colorado statute that seeks to apply Colorado law on loans made to Colorado residents by state-chartered banks located outside Colorado. Last week’s ruling preserves access to credit for Colorado consumers.

CFPB expected to intensify enforcement following Supreme Court ruling

Lenders are facing renewed regulatory challenges at both state and federal levels, as the Consumer Financial Protection Bureau (CFPB) is expected to increase its activity following a recent U.S. Supreme Court ruling affirming the constitutionality of its funding mechanism under the Dodd-Frank Act.

DataCision enhances digital transformation in commercial lending

As businesses transition towards a digital future, many have adopted cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, some credit approval processes still rely on outdated legacy software or manual paper-based policies, which can impede progress towards becoming fully digital enterprises. Manual processes also carry the risk of human errors. Modernizing the credit approval process is essential to align with digital transformation efforts and ensure efficiency, accuracy, and security.

DataScan introduces new tool for digitizing dealer commercial lending processes

As businesses move toward a more digital future, many have transitioned to cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, the credit approval process often remains reliant on outdated legacy software or even manual paper-based policies kept in binders. This can hinder progress toward becoming a fully digital enterprise and increase the risk of human errors associated with manual processes. Now is the time to modernize your credit approval process to ensure efficiency, accuracy, and security.

AFSA raises concerns over New Jersey's proposed bill on debt adjusters

The American Financial Services Association (AFSA) has submitted a comment letter to the New Jersey Senate concerning bill S1310. The proposed legislation would allow specific for-profit debt adjusters to obtain licenses to operate within the state.

AFSA commemorates Juneteenth with a call for continued progress

“We shall overcome because the arc of the moral universe is long, but it bends toward justice.” – Dr. Martin Luther King Jr.

CFPB releases initial report on negative equity in auto finance

The Consumer Financial Protection Bureau (CFPB) has released a "Data Spotlight" that focuses on an analysis of negative equity data from a group of auto finance entities. This report is the first in a series using data collected from nine market monitoring orders issued to auto lenders as part of a pilot data project announced by the Bureau in February 2023.

CFPB director testifies before Congress on financial regulations

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee and the House Financial Services Committee this week for his semi-annual report to Congress.

CFPB proposes new rule on medical debt reporting amidst industry concerns

The Consumer Financial Protection Bureau (CFPB) today announced a Notice of Proposed Rulemaking (NPRM) aimed at addressing the reporting of medical bills on credit reports. This initiative follows the CFPB’s September 2023 announcement to explore options for restricting such reporting practices.

Fortegra named featured business partner for June

The featured business partner for the month of June is Fortegra.

CFPB finalizes controversial nonbank registry proposal amid criticism

The Consumer Financial Protection Bureau (CFPB) has finalized a proposal to establish a nonbank registry related to enforcement matters. This new rule mandates that certain nonbank entities register information about their company and specific orders, and submit copies of these orders to the CFPB. Additionally, the rule requires certain supervised nonbanks to file annual compliance reports, signed by an executive.

Alfa launches scalability feature in latest software update

Alfa, a leading provider of enterprise software for the automotive finance industry, has announced the release of Scalability, the fourth of six releases that constitute Alfa Systems 6 – a new iteration of its Alfa Systems software platform.

AFSA Spokesman: CFPB ‘believes that blog posts and occasional guidance are acceptable subtitles for standard rule making’

A spokesman for the American Financial Services Association (AFSA) said the Consumer Financial Protection Bureau (CFPB) does not have strong enough policies for rule making and direction, relying on "blog posts and occasional guidance."

CFPB responds to AFSA call for regulatory clarity by sharing 2022 blog post by bureau’s director

A spokesperson for the Consumer Financial Protection Bureau (CFPB) responded to American Financial Services Association (AFSA) president’s call for regulatory clarity by sharing a 2022 blog post with American Credit News.

Supreme Court ruling on CFPB funding mechanism stirs industry debate

The U.S. Supreme Court recently issued its ruling in the closely watched Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) case, which challenged the CFPB’s independent funding mechanism through the Federal Reserve. The American Financial Services Association, along with other trade groups, participated in an amicus brief arguing that the Bureau’s “funding scheme is historically unique.”

AFSA President: ‘We don’t expect our regulators to produce a regulatory environment by shortcut’

The president and CEO of the American Financial Services Association (AFSA) said his industry would like the Consumer Financial Protection Bureau (CFPB) to provide a more clear regulatory environment rather than a “regulatory environment by shortcut.”