On Tuesday, October 5, AFSA’s State Government Affairs (SGA) team sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposed Debt Collection Licensing Act (DCLA) rules. Many AFSA member companies may be required to apply for licensure under the DCLA, and clear rules that take into account existing laws will benefit consumers and financial institutions alike. In the letter, AFSA requested that the DFPI amend current definitions to align with existing state and federal debt collection laws like California’s Rosenthal Act and the federal Fair Debt Collection Practices Act. In addition, AFSA requested that the DFPI provide clarity regarding DCLA exemptions so that the DCLA avoids duplicative and unnecessary requirements for licensees that already have to comply with other state and federal laws. AFSA also requested additional clarification regarding requirements for depository institutions and their affiliates.
The letter is also available under the direct advocacy section of AFSA’s website.
Chief Compliance Officer Perspectives
Oct 13, 2021
With increasing demands from regulators and growing complexity in operating a consumer finance company, a Chief Compliance Officer (CCO) in 2021 has a lot to manage.
For this panel, moderated by AFSA’s VP of Compliance Education Philip… Read the rest
Today, the American Financial Services Association released a statement regarding the nomination of Saule Omarova to serve as the Comptroller of the Currency.
The nomination of Saule Omarova to serve as Comptroller of the Currency raises… Read the rest
Advancing technology, evolving regulations and a necessary shift to online transactions due to the pandemic has resulted in profound changes in the specialty finance industry. Many lenders have struggled to keep up with the digital demands… Read the rest
Can’t Join Us at the Annual in Person?
Oct 05, 2021
While we expect almost 300 AFSA Members and Business Partners to gather in Washington, D.C., we know that some Members and Business Partners are still operating with travel restrictions. To meet their needs, AFSA will offer a Digital Pass… Read the rest
About That CFPB Report on Subprime Auto Loans
Oct 04, 2021
Yesterday, the Consumer Financial Protection Bureau released a report entitled, Data Point: Subprime Auto Loan Outcomes by Lender Type. The report compares the interest rates on subprime auto loans made by small and large Buy Here Pay … Read the rest