“Industry Expertise” is sponsored content produced by AFSA’s Business Partners to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan Bucherer.
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...
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.
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.
Back-to-school season is well underway, bringing with it the need for supplies, new clothes, books, and more. According to a National Retail Federation survey, back-to-school outlays for the coming academic year will amount to $39 billion, or $875 per household for the K-12 set, while the college-bound will spend an even larger $87 billion in aggregate, or $1,365 per household.
Yesterday, the American Financial Services Association (AFSA) submitted comments to the Consumer Financial Protection Bureau (CFPB) on its proposed rule concerning medical debt. In the letter, AFSA highlighted four specific issues with the proposed rule.
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan Bucherer.
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.
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.
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.
The featured Business Partner for the month of July is Cox Automotive. Cox Automotive is transforming the way the world buys, sells, owns, and uses vehicles. Dealertrack, Kelley Blue Book, and Manheim solutions provide lenders with the connectivity and confidence to thrive in this ever-changing automotive market.
AFSA recently joined the U.S. Chamber of Commerce in filing a coalition amicus brief urging the United States Court of Appeals for the Fourth Circuit to hold that a unilateral change-in-terms provision does not render an arbitration agreement illusory and unenforceable.
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).
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...
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.