AFSA has announced the passing of Alvin O. Wiese, a prominent figure in the field of consumer finance law, who died on October 11 at the age of 95. Al Wiese, a graduate of the University of Southern California Law School, was admitted to the bar in 1954 and spent his career representing consumer finance lenders, AFSA, and the California Association.

A bipartisan group of U.S. Representatives, led by Rep. Blake Moore (R-UT), has formally requested that FDIC Chair Martin Gruenberg withdraw a proposed rule concerning the parent companies of industrial banks and industrial loan companies (ILCs). The representatives argue that the rule could introduce uncertainty and hinder ILCs' ability to provide essential products and services to consumers.

Representatives Wiley Nickel and Young Kim have introduced the "Ending Credit Repair Scams Act" (HR 9991), a bipartisan effort aimed at protecting consumers from deceptive credit repair organizations. These organizations often promise to improve credit history while charging high fees without delivering results.

AFSA, in collaboration with the Bank Policy Institute (BPI) and America’s Credit Unions (ACU), has filed an amicus brief concerning recent changes made by the Consumer Financial Protection Bureau (CFPB) to its Supervision and Examination Manual. The brief argues that these changes exceed the CFPB's authority by extending its scope beyond addressing intentional discrimination.

The New York Times recently sought the perspective of the American Financial Services Association (AFSA) on a Consumer Financial Protection Bureau (CFPB) review concerning auto financing practices. AFSA expressed concerns about the CFPB's approach to categorizing errors in the industry.

AFSA has initiated a fundraising campaign to aid recovery efforts in southeastern U.S. communities impacted by Hurricanes Helene and Milton. The organization is conducting a virtual raffle, offering one fully paid registration for the 2025 AFSA conference of the winner's choice. Options include the Vehicle or Independents Conference & Expos in New Orleans or Huntington Beach, CA, respectively, or the Annual Meeting in Washington, DC.

PayNearMe has announced a partnership with GOLDPoint Systems, aiming to enhance payment options for borrowers and reduce operational expenses for lenders. This collaboration integrates PayNearMe's payment platform with GOLDPoint Systems' loan management software, offering expanded payment methods.

The American Financial Services Association's (AFSA) State Government Affairs team has released its October white paper, focusing on the "buy now, pay later" (BNPL) services. This release comes amid the growing popularity of BNPL services, driven by the increase in online shopping.

The featured business partner for October is ACI Worldwide. Known for its leadership in billing and payments, ACI Worldwide offers ACI Speedpay, which aims to drive efficiency and increase collections.

PayNearMe, a fintech company based in Santa Clara, California, has reported substantial growth in its lending sector over the past 18 months. The company's platform expansion has resulted in significant increases in transaction volume and new client acquisitions among auto dealers and personal lenders.

The remnants of Hurricane Helene continue to impact the inland southeast, causing significant devastation, particularly in eastern Tennessee and western North Carolina. The American Financial Services Association (AFSA), along with its member companies and business partners, has expressed support for those affected by this tragedy.

Several trade associations, including the American Financial Services Association (AFSA), have expressed their support for Representative Andy Ogles' (R-TN) Congressional Review Act aimed at nullifying the Consumer Financial Protection Bureau's (CFPB) rule to establish a "repeat offender" registry. The associations argue that the proposed registry will not benefit consumers and may lead to higher costs for financial products while reducing access to credit.

The American Financial Services Association (AFSA) has raised concerns regarding a proposed rule by the Federal Communications Commission (FCC) that would require handsets to be unlocked even if the installment contract has not been paid off. AFSA's letter to the FCC outlines three primary issues with this proposal.

Pollsters are closely monitoring the East Coast states of Pennsylvania, North Carolina, and Georgia as Election Day approaches. A recent Washington Post poll from Pennsylvania highlights the tight race for the White House and its impact on down-ballot races.

A group of Democrat Senate and House members have reintroduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. This legislation, which has been introduced in the last two Congresses, faces opposition from the American Financial Services Association (AFSA). The bill seeks to prohibit convenience checks and require state-licensed installment lenders to register with the Consumer Financial Protection Bureau (CFPB).

Yesterday, former President Donald Trump addressed the economic challenges Americans have faced in recent years. He stated, "While working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We’re going to cap it at around 10%. We can’t let them make 25 and 30%."

AFSA released its quarterly Consumer Credit (C3) Index survey of leading providers of consumer credit, including mortgages, vehicle financing, personal installment loans, and credit cards.

With 54 calendar and 12 session days until the election, Congress faces important unfinished business: funding the government. Speaker Mike Johnson (R-LA) unveiled his continuing resolution that would provide stopgap funding through March 2025. Following some dissent, the first procedural vote was pulled from the calendar yesterday. House Majority Whip Tom Emmer (R-MN) is working to persuade a dozen Republican objectors to support the bill, stating that “everything is doable.”

AFSA’s State Government Affairs team has sent a veto letter to California Governor Gavin Newsom opposing Senate Bill 1286, which addresses small business debt and the Rosenthal Fair Debt Collection Practices Act. The bill proposes expanding the Rosenthal Act to include commercial collections, a move AFSA has resisted in favor of exemptions for floor-planning members.

Interest rates at the far end of the yield curve are already declining, despite ongoing discussions about when and by how much the Federal Reserve will lower the federal funds rate. This trend is attributed to diminished market expectations for long-term inflation and near-future short-term rates.