WASHINGTON--(BUSINESS WIRE)--The American Financial Services Association (AFSA) has submitted a list of regulatory reforms to the Trump Administration that would provide relief to its members operating in the consumer credit industry and ultimately benefit customers and communities across the United States.
At the behest of Mark Calabria, Chief Economist for Vice President Mike Pence, AFSA submitted the proposals following a White House meeting of AFSA member company executives, representatives of the administration’s Domestic Policy Council and Calabria earlier this month. AFSA’s proposals include:
- A halt to CFPB examinations;
- Placing moratoriums on the use of disparate impact theory and the CFPB’s complaint database;
- Withdrawing compliance bulletin 2015-07 on in-person collection of consumer debt;
- Terminating the arbitration and small-dollar rulemakings;
- Withdrawing compliance bulletins 2012-03 and 2016-02 on service providers;
- Re-designating payments from the civil penalty fund;
- Ensuring the accuracy of press releases as they relate to the enforcement actions to which they pertain, and;
- A general review of CFPB procedures.
Additionally, the trade association submitted letters to Defense Secretary James Mattis regarding reforms to the Military Lending Act that would help U.S. military service members access beneficial forms of credit, and to Ajit Pai, Chairman of the Federal Communications Commission (FCC) regarding reforms to modernize the Telephone Consumer Protection Act (TCPA).
Based in Washington, D.C., the American Financial Services Association (AFSA), now in its 101st year, is the national trade association for the consumer credit industry, committed to protecting access to credit and consumer choice. Its 400 members include traditional installment lenders, vehicle finance/leasing companies, consumer and commercial finance companies, mortgage lenders and servicers, payment card issuers, industrial banks and industry suppliers. For more information, visit www.afsaonline.org.