The American Fintech Council (AFC) has voiced strong objections to a proposed rule by the Consumer Financial Protection Bureau (CFPB) regarding Earned Wage Access (EWA) products. In a comment letter submitted to the CFPB, AFC argues that the proposal would misclassify EWA products as credit, overturning previous guidance from the CFPB and causing significant harm to consumers.
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.
Lindsey Johnson, the president and CEO of the Consumer Bankers Association (CBA), said that certain government regulations proposed under the Biden Administration "will undoubtedly have far-reaching ramifications for consumers, banks, and the economy." Johnson made the statement in a RealClear Markets op-ed posted on August 16.
In a court testimony this week, Kroger’s senior director for pricing admitted the grocery conglomerate hiked prices above and beyond inflation for eggs and milk.
The American Fintech Council (AFC), the leading industry association representing responsible fintech companies and innovative banks, has announced the addition of five new members. These regional and community banks are committed to fintech innovation and bring extensive experience in serving community needs.
A recent report by the Consumer Financial Protection Bureau (CFPB) has highlighted that three large retail conglomerates—Dollar General, Dollar Tree, and Kroger, which operates Family Dollar, Harris Teeter, Ralph’s, and other businesses—have charged consumers over $90 million annually in fees for cash-back from debit or prepaid card purchases. The report emphasized that many of the customers paying these fees belong to "economically vulnerable populations."
The American Fintech Council (AFC) announced today the addition of Stearns Bank N.A. as its newest member. Founded in 1912, Minnesota-based Stearns Bank has become a nationally recognized financial institution with branches in Minnesota, Arizona, and Florida. With a focus on expanding access to responsible credit and capital nationwide, Stearns Bank joins AFC's community of companies driving the future of financial services.
DETROIT, August 26, 2024 – Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), introduced “Welcome Home RateBreak,” a lender-paid 2-1 temporary buydown program. This initiative allows buyers to benefit from a mortgage rate reduced by two percentage points in the first year and one percentage point in the second year before reverting to the note rate in the third year.
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.
The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has announced the addition of Lincoln Savings Bank (LSB) as its newest member. Founded in 1902, LSB is owned and managed by Iowans and offers full-service community banking and financial services, along with fintech and banking as a service offerings through its LSBX division. At AFC, LSB joins other companies driving the future of financial services with customer-oriented solutions.
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.
Lloyd Whiting, a Case Manager at Assetz Capital, has been with the company since January 2019. His career in business lending began when he joined the Lender Team, handling funds coming into the business for subsequent lending. Less than a year later, he transitioned to the Relationship Support Team (RST), now known as The Operations Team, as a Relationship Support Assistant. After receiving substantial support from his team, Whiting was promoted to Relationship Support Manager and eventually became a Case Manager.
The American Fintech Council (AFC) has announced the addition of Republic Bank of Chicago as its newest member. Founded in 1964, Republic Bank is a family-owned institution that serves Chicago communities and businesses with personalized financial solutions. The bank offers a suite of innovative fintech products, allowing customers to access advanced technology through a reliable community banking partner.
The American Fintech Council (AFC) announced the addition of New Horizon Bank as its newest member. The AFC, an industry association representing responsible fintech companies and innovative banks, highlighted New Horizon's alignment with its focus on consumer-centric finance and innovation.
Bank of America Corporation announced today that it will redeem on August 24, 2024, all €1,500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due August 24, 2025 (ISIN: XS2345784057; Common Code: 234578405) (the “Notes”).
House Financial Services Committee Chairman Patrick McHenry (NC-10) and six subcommittee chairmen have sent a letter to U.S. Treasury Secretary Janet Yellen in response to the Treasury’s Request for Information (RFI) on Artificial Intelligence (AI) in financial services. The lawmakers emphasize the significant potential AI holds for the sector and urge financial regulators to focus on its benefits to consumers as firms increasingly leverage AI.
The Infatuation announced today the return of its signature food festival, EEEEEATSCON, presented by Chase Sapphire. The event is scheduled for Saturday, October 12, and Sunday, October 13 at Forest Hills Stadium in New York City. This marks the fifth year of the festival at this location since its inception in 2018.