AFSPA
    Operation Choke Point had serious opposition from payday
    lenders BUT the shit really hit the fan when it messed with gun
    dealers!
    "Operation Choke Point is one of the greatest threats to our nation's
    economic security and free enterprise. If the President can unilaterally
    decide what businesses should or should not exist, without the consent
    of the people or the representatives they elect, it will have enormous
    consequences for limited government and for our economy." - Former
    Speaker of the U.S. House of Representatives, Newt Gingrich

    House GOP Rams Through 2 New Deregulation Bills That Could
    Actually Shut Down All CFPB Efforts.
    WASHINGTON -- House Republicans pushed through two bills this week
    designed to undermine key environmental and financial regulations by
    jamming federal courts with lawsuits.
    "Both of these bills are part of an attack on the entire regulatory state," said
    Marcus Stanley, policy director at Americans for Financial Reform. "They're
    designed to make it impossible for agencies to function."
    The first bill, passed Wednesday, rejuvenates the Unfunded Mandates
    Reform Act of 1995, shepherded through Congress by then-House Speaker
    Newt Gingrich (R-Ga.). The 20-year-old legislation imposed a host of cost-
    benefit standards on federal regulators, including a requirement that they
    consider the costs that new rules might impose on state and local
    governments. Wednesday's GOP bill adds a new dimension to that law by
    allowing those detailed regulatory calculations to be challenged in federal
    court -- opening every stage of analysis to litigation that may make it nearly
    impossible for agencies to write and implement rules.
    Neither bill is likely to be enacted as standalone legislation, since Obama
    opposes both measures and this week's votes demonstrated that
    Republicans do not have enough Democratic support to override a veto.
    Nevertheless, GOP leaders may try to tuck either or both bills into a
    broader government funding bill or legislation to raise the debt limit --
    arenas in which Obama has demonstrated a willingness to let Republican
    priorities be enacted.

    Congressman Reintroduces Bill to End Operation Choke Point
    Rep. Blaine Luetkemeyer, R-Mo., today reintroduced legislation to end the
    Justice Department initiative known as Operation Choke Point.
    “While steps have been made in the case against Operation Choke Point,
    there is still a need for my legislation to be reintroduced this Congress,” he
    said in a press release. The legislation, which Luetkemeyer previously
    introduced last November, comes one week after the Federal Deposit
    Insurance Corp. (FDIC) walked back its involvement in the program and
    reversed its policies in targeting legal and legitimate industries that are
    disfavored by the Obama administration.

    Exclusive: FDIC Changes Tactics in Response to Operation
    Choke Point
    The Federal Deposit Insurance Corp. has acknowledged its role in Operation
    Choke Point and is taking dramatic steps to reverse its policies in targeting
    legal and legitimate industries that are disfavored by the Obama
    administration. “We’re very pleased they’ve acknowledged their wrongdoing
    and they’ve accepted our suggestions to put in place measures to stop this
    activity,” Rep. Blaine Luetkemeyer, R-Mo., told The Daily Signal in a phone
    call this morning. Luetkemeyer, a member of the House Financial Services
    Committee and leader in the fight to end Operation Choke Point, met with
    FDIC Chairman Martin Gruenbery and Vice Chairman Thomas Hoenig earlier
    today as a follow-up to concerns voiced last November.
    The Justice Department contends that Operation Choke Point combats
    unlawful, mass-market consumer fraud by “choking” their access to banking
    systems. But a report by the House Oversight Committee found the
    program’s targets, under direction of the FDIC, included legal businesses
    such as short-term lenders, firearms and ammunition merchants, coin
    dealers, tobacco sellers and home-based charities.

    Great news from the FDIC regarding bank accounts for small
    dollar lenders
    Statement on Providing Banking Services.
    The FDIC encourages insured depository institutions to serve their
    communities and recognizes the importance of the services they provide.
    Individual customers within broader customer categories present varying
    degrees of risk. Accordingly, the FDIC encourages institutions to take a risk-
    based approach in assessing individual customer relationships rather than
    declining to provide banking services to entire categories of customers,
    without regard to the risks presented by an individual customer or the
    financial institution’s ability to manage the risk. Financial institutions that can
    properly manage customer relationships and effectively mitigate risks are
    neither prohibited nor discouraged from providing services to any category
    of customer accounts or individual customer operating in compliance with
    applicable state and federal law.    

    A new study released by a Kennesaw State University
    professor provides evidence against claims of payday loan
    critics that extended refinancing of these loans is harmful to
    consumers’ financial welfare. The study, which was based on
    the transactions of 37,000 borrowers over a four-year period, also found
    that borrowers who live in states with fewer refinancing restrictions fare
    better than those in more heavily regulated states.

    2013 FDIC National Survey of Unbanked and Underbanked
    Households
    According to data provide by the FDIC, the estimated Alternative Financial
    Services transaction volume is $320 billion annually.
    That's a very conservative estimate.
    The FDIC provides the following statistical annual breakdown:  
    •        Buy Here, Pay Here Auto Loans = $80 billion
    •        Check Cashing = $58 billion
    •        Pay Day Loans = $48 billion
    •        Remittances - $46 billion
    •        Open Loop Prepaid Cards = $39 billion
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