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.
AFSA, ACA International, the American Fintech Council, the Online Lenders Alliance, the Receivables Management Association International, and the U.S. Chamber of Commerce have all voiced their concerns. They emphasize their commitment to collaborating with Congress and the CFPB to ensure meaningful consumer protections but maintain that the registry would not fulfill this objective.