The American Financial Services Association, along with a number of other trade associations, submitted a comment this week (January 20th) in response to a Request for Information (RFI) from the Consumer Financial Protection Bureau (CFPB) regarding its plan for assessing the “Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act” (Regulation X) and (Regulation Z), the “Truth In Lending Act Rule” (TRID or TRID).
The comment letter noted the joint trades’ support of the Bureau’s efforts to “gather relevant cost data via structured interviews and surveys with industry participants in order to assess firms' implementation costs and ongoing costs.” The letter noted, however, that this data will be difficult to obtain. In light of the challenges, the letter offers survey data collected by the American Bankers Association alongside TRID implementation.
The comment also included lender-experience information in the context of TRID’s “tumultuous regulatory process.” The trade associations urged the Bureau to make targeted reforms to TRID that benefit all mortgage stakeholders by reducing compliance burdens while also promoting simplicity and clarity in the mortgage process.
The letter includes rationale and appendices over 24 pages and can be reviewed here.
AFSA, Trades Comment on TRID RFI
Jan 24, 2020
The American Financial Services Association, along with a number of other trade associations, submitted a comment this week (January 20th) in response to a Request for Information (RFI) from the Consumer Financial Protection Bureau (CFPB)… Read the rest
Scam Alert: Conference Lists & Accommodations
Jan 24, 2020
The American Financial Services Association has learned about two scams that people and/or companies are offering to AFSA members.
First, companies are emailing AFSA Members offering conference attendee lists, lodging reservations,… Read the rest
Top Ten Debt Collections Issues in 2020
Jan 23, 2020
The American Financial Services Association on January 22 hosted the Top Ten Debt Collections Issues in 2020 webinar, with Kelly Knepper-Stephens, VP of Legal and Compliance, TrueAccord, Caren Enloe, Partner, Smith Debnam, and Ethan Ostroff,… Read the rest
LISTEN | Rhonda Ashburn on the AFSA Extra Credit Podcast
Jan 23, 2020
In this episode of the AFSA Extra Credit Podcast, we’re speaking with Rhonda Ashburn, Executive Director of the AFSA Education Foundation. We touch on the power of financial education and look at the many successes the Foundation has… Read the rest
AFSA Comments on Draft Privacy Legislation
Jan 22, 2020
AFSA submitted a comment on Tuesday to House Energy and Commerce Committee Chair Frank Pallone (D-NJ) and Ranking Member Greg Walden (R-OR) regarding their draft privacy legislation. AFSA commended the Members for their efforts for meaningful… Read the rest
The Whole Lot: Challenges & Opportunities for Dealers
Jan 22, 2020
With the rapidly changing marketplace, what do lenders need to know about their dealer partners? How will dealers be positioning their businesses for the near and long term? Are there new products and services which will change the business… Read the rest
WEBINAR | Top 10 Debt Collection Issues in 2020 on Jan. 22!
Jan 22, 2020
Join us tomorrow at 2 p.m. ET 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 collection… Read the rest
WATCH | AFSA CEO Update: A Busy Start to 2020
Jan 17, 2020
AFSA President & CEO Bill Himpler gives an update to members about all the recent happening on Capitol Hill and around the organization.… Read the rest
Governor Sees the Problem, Not the Solution
Jan 15, 2020
Earlier this week in comments to North Country Public Radio New York Governor Andrew Cuomo warned that “many New Yorkers are vulnerable to predatory businesses because they are shut out of the banking system.” To help combat … Read the rest
Getting Under the Hood – Understanding Cyber Risks
Jan 13, 2020
You might be knowledgeable enough to change the oil in your car, but are you able to get under the hood of your business and understand cyber security risks?
Don't miss this thought-provoking session at the 2020 AFSA Vehicle Finance Conference… Read the rest