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Looking Back at AFSA’s Success in 2019

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AFSA’s federal government affairs team continued to be highly effective in advocating for the protection of consumer credit and choice in 2019. Below are just a few of the 2019 federal successes.

Rate Caps: Prevented legislation extending the Military Lending Act and its 36% all-in rate cap to all consumers from being considered and advanced by the House Financial Services Committee despite numerous attempts.

Military Lending Act (MLA): Continued to push for relief on the MLA 2017 Interpretive Rule relating to GAP, both in the executive and legislative branches. Assisted with efforts to secure a bipartisan letter to the Department of Defense from members of Congress emphasizing concerns.

Auto Finance: Reduced focus on auto lending during House Financial Services subcommittee hearing on auto discrimination and thwarted attempts to pass legislation relating to disparate impact.

Operation Choke Point: Secured provision in Secure and Fair Enforcement (SAFE) Banking Act that prevents the return of Operation Choke Point and advocated for Senate passage. The bill was passed by the House by a strong bipartisan vote of 321-103.

Telephone Consumer Protection Act: Worked with key members of Congress to secure business-friendly changes to the Pallone-Thune TRACED Act, a bipartisan and bicameral bill that would prevent robocalls, but not increase TCPA lawsuits. Also met with the FCC asking them to issue new TCPA regulations.

Arbitration: Prevented harmful House-passed provisions prohibiting pre-dispute arbitration agreements from being incorporated in final National Defense Authorization Act. AFSA also worked with key senators to prevent Senate consideration of the House-passed FAIR Act, which would eliminate arbitration as an option in many types of disputes.

Current Expected Credit Loss (CECL): Obtained a provision in FY2020 appropriations legislation requiring the Department of Treasury to conduct a study on the need for changes to the regulatory capital requirements resulting from CECL within 270 days. We also continue to gain bipartisan support for House and Senate legislation that would require a delay of the CECL accounting standard until a study is completed. We also obtained a delay in the implementation date for some companies.

Small-dollar Rule: Met with the CFPB and asked for guidance to help implement the payments provisions of the small-dollar rule in a consumer-friendly way.

Debt Collection: Obtained extension from the CFPB on debt collection rule comment period. Sent to the CFPB a completed study on the importance of allowing creditors to contact their borrowers in response to the CFPB’s rule on debt collection.

Consumer Financial Protection Bureau: Worked with the CFPB on defining “abusive,” implementing small-business lending data reporting, and resolving problems with credit reporting.

Industrial Loan Companies: Weighed in against harmful Senate legislation that would effectively eliminate industrial loan companies. Issued support for the FDIC Chairwoman's initiative to encourage new bank formation through ILCs.

Credit Reporting: Advocated for changes to H.R. 5332 so that it does not inhibit businesses’ ability to run credit checks and keeps individuals’ ability to have safe, accurate credit reporting information.

Annual Privacy Notice: Continue efforts to gain sponsors for legislation that would eliminate auto lenders from being required to mail annual privacy notices to all customers if the policy has not changed.

Data Privacy/Security: Advocated for a federal data privacy standard preempting state laws to the Senate Banking Committee and Federal Trade Commission.

E-SIGN: Worked with Senate staff to draft legislation modernizing and streamlining the consumer consent process and make it less duplicative for financial institutions.

HUD Disparate Impact Rule: HUD issued a proposed new rule supported by AFSA that will likely be finalized soon.

Safeguards Rule: Asked the FTC to modify its proposed Safeguards Rule to give financial institutions flexibility.

Innovation: Encouraged the CFPB to revisit policies that encourage innovation.

Amicus briefs: Submitted friend-of-the-court briefs in key cases affecting the financial services industry.

AFSA will continue its efforts regarding these issues and other priority issues in 2020, and next week, we’ll take a deep dive at what AFSA is looking to accomplish in 2020.

Looking Back at AFSA’s Success in 2019
Jan 09, 2020

AFSA’s federal government affairs team continued to be highly effective in advocating for the protection of consumer credit and choice in 2019. Below are just a few of the 2019 federal successes.

Rate Caps: Prevented legislation extending… Read the rest

LISTEN | Frank Salinger on the AFSA Extra Credit Podcast
Jan 09, 2020

In this episode of the AFSA Extra Credit Podcast, we’re speaking with Frank Salinger, a longtime consultant for and former staff member of AFSA. Frank really needs no introduction – he’s been an integral part of protecting… Read the rest

An Open Letter to Their Highnesses the Duke & Duchess of Sussex
Jan 09, 2020

TRH Duke & Duchess of Sussex:

Starting a new, exciting chapter in one’s life can be fraught with challenges for anyone, especially when they are seeking to establish financial stability and independence. How to open up a checking

Read the rest

DoD’s MLA Rulemaking Should be Fact-based
Jan 08, 2020

Recently, the Department of Defense (DoD) sent a response to 23 Members of Congress who sent a bipartisan letter urging the repeal of Question and Answer #2 of the December 2017 Military Lending Act (MLA) interpretive guidance. In its letter,Read the rest

Registration is Open for the Independents Conference & Expo!
Jan 08, 2020

Stan Butler
AFSA Independents Section Chairman
President & CEO
Heights Finance
Don’t wait for nature to bring the warm weather to you – join us April 28- 30 in Palm Springs, California for the 2020 AFSA Independents Conference
Read the rest

Electrification, autonomous and rideshare – oh my!
Jan 07, 2020

How are the changing automotive and financial ecosystems transforming auto finance today and in the future?

Join us at the 2020 AFSA Vehicle Finance Conference & Expo as we discuss the impact of vehicle technology, digitization Read the rest

NBCSL Ratifies Resolution on “Debt Settlement” Companies
Jan 06, 2020

The National Black Caucus of State Legislators (NBCSL) recently ratified a resolution calling on state policymakers to put in place and enforce fundamental consumer protection rules on “debt settlement companies.” You can… Read the rest

AFSA Announces New Members to Board of Directors
Jan 06, 2020

The American Financial Services Association today announced three new members to serve on its Board of Directors:

Jeff Haymore, President & COO, Flagship Credit Acceptance, serves as Flagship’s President and Chief OperatingRead the rest

ICYMI | Himpler Defends Credit Access
Jan 02, 2020

AFSA President & CEO Bill Himpler appeared on Nexstar Television Stations during the holidays in an interview with reporter Kellie Meyer. Their conversation was part of a story on the woefully inaccurately titled “VeteransRead the rest

“Top 10” Debt Collection Issues in 2020
Dec 27, 2019

Join us on January 22, 2020 for Top Debt Collection Issues in 2020, presented by AFSA.

2020 is shaping up to be a very interesting year in the credit and collection space. The Consumer Financial Protection Bureau hopes to have a final debt collectionRead the rest

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