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, 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.
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."
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.
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.”
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.”
Federal Reserve announced on Wednesday that it would leave its short-term interest rate target unchanged at 5.25 percent to 5.5 percent. The decision was expected as stated by the Federal Reserve that "That the Fed would remain on hold was considered a near certainty in the weeks leading up to the meeting." The broader economic conversation has shifted, with concerns rising about economic growth and inflation not slowing as much as anticipated.The first quarter real GDP growth came in at 1.6 percent SAAR, below expectations. However, as highlighted by the Federal Reserve,...
The 2024 Independents Conference & Expo, set to take place on May 2, will delve into the challenges faced by the industry in terms of capital and financing options. The event aims to shed light on how companies can adapt to the changing financial landscape and make the most of emerging opportunities.One of the key topics to be discussed at the conference is the importance of broadening the pool of capital providers and expanding funding options. As stated by one of the event organizers, "As our industry adapts to the evolving financial and economic landscape while seeking...
The president and CEO of the American Financial Services Association (AFSA) said a new tool released by his organization found ‘pessimism’ about the current state of consumers’ access to credit, and one reason is a “lack of clarity” regarding rules and regulations from the Consumer Financial Protection Bureau (CFPB).
Flagstar Bank has been announced as the featured Business Partner for the month of May. The bank, headquartered in NY, boasts over $100 billion in assets and a robust Corporate Banking Division.The Corporate Banking Division of Flagstar Bank is highlighted for its focus on lending verticals that cater to the specialized needs of its clients. One of the key areas of expertise mentioned is the Lender Finance Group, which provides tailored solutions to non-bank specialty lenders. This group emphasizes reliable execution in areas such as revolving and warehouse lines of...
PayNearMe has recently released a study titled "Consumer Trends Driving the Future of Loan Payments," where they highlighted the significance of customer experience in loan repayment. According to PayNearMe, "challenges in the loan repayment process and poor payment experiences jeopardize customer loyalty and retention for lenders."For more information on the study, gmcgurn@afsamail.org suggests, "You can read more on PayNearMe’s website."
Bill Himpler, president of the American Financial Services Association (AFSA) joined the American Legal Record Podcast to discuss AFSA’s mission, a macro look at the state of credit, mortgage borrowing, its relationship to the Consumer Financial Protection Bureau (CFPB), the regulatory environment, and what lies ahead re interest rates.
The Supreme Court is expected to rule in the next month or two on CFPB v. CFSA, a case challenging the CFPB’s independent funding mechanism through the Federal Reserve. AFSA submitted an amicus brief in support of CFSA.When Congress first met on March 4, 1789, one of the first items of business was to fulfill the requirements of Article III, section 1, of the Constitution. John Jay of New York took the oath as the first Chief Justice on October 19, 1789. The Court's journey from its early days in the Merchants Exchange Building in New York City to its current home on...
The American Financial Services Association (AFSA) has recently voiced its support for Senate Bill 1076 in California, emphasizing the importance of enhancing consumer privacy rights in the state. In a joint comment letter to the California Senate Judiciary Committee, AFSA highlighted the need to broaden the scope of information provided by registered data brokers and establish mechanisms to protect consumers' privacy.According to AFSA, SB 1076 plays a crucial role in ensuring that consumers have the ability to request the deletion of their data from all registered...
Borrower engagement is crucial for maintaining healthy financial relationships and ensuring timely bill payments. According to a recent announcement, James Price, Vice President, Sales at Repay, will be hosting a webinar on Thursday, May 2nd at 2:00 p.m. EST to discuss strategies for enhancing borrower engagement in the context of bill payment methods. During the webinar, Price aims to educate businesses on how to effectively engage borrowers and streamline the bill payment process. As Price states, "Join James Price, Vice President, Sales at Repay, on Thursday, May 2nd...
US Army Green Beret, gmcgurn@afsamail.org, vividly recalls a pivotal moment during his service in Afghanistan when a farmer decided to defend his home against Taliban attackers. Reflecting on the experience, gmcgurn@afsamail.org describes the transformation he witnessed in Afghan villagers, who went from a state of "inescapable shock" to actively standing up against their oppressors.Describing the unique approach of Green Berets in conflict zones, gmcgurn@afsamail.org explains how they immerse themselves in local cultures and work with indigenous populations to achieve...