Robocall Bill Clears Committee July 17, 2019

The “Stopping Bad Robocalls Act” on Wednesday, July 17 passed the full House Energy and Commerce Committee by a bipartisan 48-0 vote.  The purpose of the bill is to reduce illegal robocalls that harm and annoy consumers. The bill changed significantly from when it was introduced earlier this year. While AFSA supports some of the provisions in the legislation, AFSA expressed concerns that legitimate calls could be erroneously blocked under the legislation. AFSA worked with members of the committee on changes that would lessen the impact the bill would have on legitimate businesses contacting their customers.

FASB agrees on CECL Delay July 17, 2019

The Financial Accounting Standards Board (FASB) today voted to propose a delay in the implementation deadline of the new Current Expected Credit Loss (CECL) accounting standard for all private companies and for small public companies.

Settlement Highlights Need for Consumer Education July 11, 2019

Yesterday’s announced settlement by the Consumer Financial Protection Bureau (CFPB) with a well-known debt-settlement provider – along with several other recent actions by the CFPB and the FTC against debt-settlement firms – highlights not only the need to continue to protect financially vulnerable consumers, but also to reinforce the importance of consumer financial literacy.

CFPB Symposium Highlights Need for “Abusive” Standard July 11, 2019

The Consumer Financial Protection Bureau (CFPB) on June 25 held the first in its evolving symposia series, dealing with the term “abusive” and if the Bureau should use its rulemaking authority to further define the term. The Federal Trade Commission (FTC) has developed the “unfair” and “deceptive” portions of UDAAP (Unfair, Deceptive, Abusive Acts and Practices), but “abusive” has remained vague.

FDIC Should Promote Loans that Work July 11, 2019

Federal regulators started pushing large banks to offer small-dollar loans to customers as an alternative to payday loans last year. A Bloomberg BGov article this morning quotes analysts and large banking institutions saying, essentially that while they want to help consumers, the financial institutions aren’t equipped to deal with the costs associated with underwriting, servicing and marketing small-dollar products for smaller amounts of credit.

AFSA Continues to Press on TCPA July 10, 2019

Complaints about robocalls continue to rise, and occur seemingly anywhere, at any time. Members of Congress say they hear about the robocall problem in town hall events back in their districts. It’s no different at the regulatory agencies – where robocalls are an easy Enemy No. 1. So it’s no surprise that the federal government is determined to do something about them.