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Federal Updates
2008 Legislative Priorities
Groups Give Fed Conflicting Views on Mortgage Practices
September 4, 2007
As it prepares to issue a rule under the Home Ownership and Equity Protection Act to curtail predatory lending, the Federal Reserve has received comment letters from the banking industry and consumer groups calling for different approaches.
Dodd: Draft ILC Bill Will Be Ready Within Days
November 16, 2007
Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, expressed on Nov. 14 his intention to soon issue draft legislation to settle the debate over industrial loan company (ILC) ownership before a Jan. 31 regulatory deadline.
White House Objects to Parts of Mortgage-Reform Bill
November 16, 2007
As the House of Representatives prepared for a Nov. 15 vote on mortgage-reform legislation, the Bush administration released a brief statement criticizing portions of the proposal.
Bankruptcy Reform: Two Years Later
November 2, 2007
The old bankruptcy code was dramatically overhauled by the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), but experts say the legislation is not achieving Congress' intent.
Privacy: Banks Balk at SS Number Privacy Bill
October 9, 2007
Two federal initiatives to curtail the use of Social Security numbers are opposed by some bank groups that fear such efforts would impair their operations.
AFSA Monitoring Clinton’s “Homeownership Preservation Act"
October 9, 2007
Senator Hillary Clinton (D-NY), one of the frontrunners in the presidential race, has introduced the “American Homeownership Preservation Act,” which AFSA is carefully watching.
House Panel Set to Vote on Overdraft Restrictions
October 1, 2007
A bill sponsored by Rep. Carolyn Maloney (D-N.Y.) tightening overdraft regulations has caused a stir in the banking industry.
Congress Is Urged to Limit Response to Mortgage Crisis
October 1, 2007
In testimony before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke said federal regulators and the financial markets are handling problems in the subprime mortgage sector and urged Congress to consider legislation only to revamp the Federal Housing Administration.
U.S. Investigating Fees Charged for Credit-Card Use
October 1, 2007
The Justice Department is conducting an investigation into the interchange fees that MasterCard, Visa, and their issuing banks charge merchants, Thomas O. Barnett, Justice's chief antitrust enforcer, told a hearing of the House Judiciary Committee on Tuesday.
College Credit That Fails Students
September 4, 2007
Although Congress recently passed the College Cost Reduction Act, its provisions fail to correct the student loan industry's underlying problem...
Frank: Find Ways to Curb Growing Mortgage Deals
September 4, 2007
Capitol Hill lawmakers must delicately balance any new regulations with market self-correction in the subprime lending industry if they hope to beat back the potential for even more home foreclosures this fall, says Rep. Barney Frank (D-Mass.).
Changes in Student Loan Programs Complicate Paying for College
August 24, 2007
Federal legislators are preparing to make major reforms to student lending, changes that some consider to be the most sweeping since the 1944 GI Bill.
Proposals From the Stump
August 24, 2007
The 2008 presidential candidates are weighing in on the credit crunch in the home-finance sector, with Democrats offering the bolder proposals.
10,000 Worldwide Card Transactions Occur Every Second: How Hard are They Being Watched?
August 24, 2007
The credit card industry will have to change some of its practices following the recent revisions to the Federal Reserve's "Reg Z" (Truth in Lending Act).
An Unlikely Supporter of Card Reform
August 24, 2007
Rep. Barney Frank (D-Mass.) and other Democrats on the House Financial Services Committee have found an unlikely ally in their efforts to reform the credit card industry...
Fed Sees No Scoring Bias in Credit Reports
September 4, 2007
On August 15, the Federal Reserve Board released a report that showed minorities, immigrants, and young people receive disproportionately lower credit scores than white adults.
House Financial Services Committee Holds Field Hearing in Minneapolis
August 24, 2007
AFSA staff attended a packed House Financial Services Committee field hearing in Minneapolis the other week.
House Committee to Hold Credit Hearing, Mulls Legislation
August 24, 2007
In a news release this week, House Financial Services Committee Chair Barney Frank (D-MA) announced the committee will hold an oversight hearing September 5th.
Spitzer Vetoes Universal Default and Credit Scoring Bills
August 20, 2007
Last week, New York Governor Elliott Spitzer (D-NY) vetoed two pieced of legislation of great concern to the financial services industry.
Democrats Unveil Principles for Subprime Legislation
August 20, 2007
In a series of meeting with regulators, consumer advocates and industry representatives, staff members for Representatives Barney Frank (MA), Mel Watt (NC), and Brad Miller (NC) have unveiled issues..
AFSA Submits HOEPA Comment Letter to Federal Reserve (PDF)
August 15, 2007
AFSA submitted a comment letter today to the Federal Reserve as a follow up to the agency’s June 14th hearing on the Home Equity and Ownership Protection Act (HOEPA).
Countrywide Chairman Suggests Course of Action to Improve Housing Market (PDF)
November 19, 2007
Federal Reserve's Reg Z Proposal Presents (PDF)
October 12, 2007
AFSA Statement Regarding the Democratic Leadership's Foreclosure Prevention Plan (PDF)
October 3, 2007
Statement from AFSA President/CEO Chris Stinebert Regarding the Federal Reserve's Analysis of the 2006 HMDA Data (PDF)
September 12, 2007
Statement from Bill Himpler, AFSA Executive Vice President, Federal Affairs, Regarding Today's Neighborhood Assistance Corporation of America (NACA) News Conference on Abusive Lending (PDF)
August 23, 2007
AFSA Comments on California Senate Banking Committee Hearing on Foreclosures (PDF)
August 21, 2007
AFSA Cautions Against an Expansion of HMDA Reporting Requirements (PDF)
July 25, 2007
Testimony of Bill Himpler for the American Financial Services Association Before The Subcommittee on Oversight and Investigations of The House of Representatives Financial Services Committee (PDF)
July 25, 2007 - Video Clip
AFSA Opposes Legislation to Restrict Industry Access to Social Security Numbers (PDF)
July 20, 2007
Comment from AFSA President/CEO Chris Stinebert Regarding the Federal Financial Regulatory Agencies' Final Statement on Subprime Mortgage Lending (PDF)
June 29, 2007
Comment from AFSA President/CEO Chris Stinebert Regarding Today's Senate Banking Committee Hearing on "Ending Mortgage Abuse: Safeguarding Homebuyers" (PDF)
June 26, 2007
Comment from AFSA President/CEO Chris Stinebert Regarding Today's Hearing on Consumer Credit Reports (PDF)
June 19, 2007
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