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.

Washington, D.C. – Senator Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.), Representative Andy Barr (R-Ky.-06), and other colleagues in urging Treasury Secretary Janet Yellen and senior Biden-Harris administration officials to address what they see as regulatory overreach from the European Union (E.U.). The concern stems from the E.U.'s Corporate Sustainability Due Diligence Directive (CSDDD), adopted in May, which enforces progressive social and climate policies on international businesses, including those based in the United States.

WILMINGTON, DE / BETHESDA, MD – September 26, 2024 – The Marriott Bonvoy Bold® Credit Card from Chase has announced the launch of the Bold Chat Court contest. This initiative aims to transition group trip plans from discussions in group chats to actual travel experiences. Halle Bailey, an award-winning singer-songwriter and actress, has partnered with the Marriott Bonvoy Bold® Card to distribute a total of 5 million Marriott Bonvoy points to 10 travelers, each receiving 500,000 points.

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.

Bank of America has introduced a new banking solution aimed at helping parents guide their children in developing sound financial habits. The product, SafeBalance Banking® for Family Banking, is designed to provide parents with the necessary tools and resources to teach their children money management through a secure digital platform.

Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement on Senator Dick Durbin’s recent legislation targeting American companies and workers who have opposed the Durbin Marshall Credit Card Bill.

Senator Tim Scott (R-S.C.) has introduced the Empowering Main Street in America Act, aimed at revitalizing businesses and broadening access to capital markets. The legislation has garnered support from a diverse group of stakeholders.

The House Financial Services Subcommittee on Financial Institutions and Monetary Policy, chaired by Andy Barr (KY-06), is conducting a hearing titled "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."

The American Fintech Council (AFC) has expressed support for the Department of the Treasury's recent approach to artificial intelligence (AI) in the financial services sector. Ian P. Moloney, AFC's Senior Vice President and Head of Policy and Regulatory Affairs, commended the Department’s efforts.

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.

The House Financial Services Committee has announced the postponement of a hearing initially scheduled for Thursday, September 26, 2024. The hearing was to be held by the Housing & Insurance Subcommittee and titled "Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers."

Ranking Member Tim Scott (R-S.C.) participated in a Punchbowl News event centered on small business and the economy. At the event, Scott discussed his Empowering Main Street in America Act, aimed at improving access to capital for entrepreneurs, adjusting regulations for small and newly public companies, and creating investment opportunities within communities.

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).

Senator Tim Scott (R-S.C.), the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, has introduced a comprehensive bill aimed at revitalizing businesses and opening up capital markets to more Americans. The Empowering Main Street in America Act is designed to boost avenues for capital formation that create jobs and generate economic growth.

The House Financial Services Committee, chaired by Patrick McHenry (NC-10), is holding a hearing today to oversee the Securities and Exchange Commission (SEC). All five SEC Commissioners are testifying together before the Committee for the first time since 2019. This provides an opportunity to hear the diverse viewpoints of the full Commission.

The Bank of America Chicago Marathon has made a substantial impact on the local economy, contributing a record $547 million in 2023. This represents a 42% increase from the previous year's $386 million, according to an independent study by Jones & Associates Economics.

The American Fintech Council (AFC) has announced the addition of Spring Labs as its newest member. Spring Labs, founded by experienced fintech entrepreneurs, focuses on using AI-driven technology to help financial institutions streamline operations and enhance productivity while maintaining high compliance standards. This membership aligns Spring Labs with other companies dedicated to creating a more transparent and efficient future for financial services.

The Electronic Payments Coalition (EPC) has issued a response to the recent antitrust suit filed by the U.S. Department of Justice against Visa. The statement, released by EPC Executive Chairman Richard Hunt, criticizes the government's approach towards payment networks.