AFSA’s State Government Affairs team sent a letter to the Commissioner of the Nevada Financial Institutions Division on SB 311 as a follow up to an in-person meeting with the division on August 22nd. Effective October 1, SB 311 would require creditors to deem an applicant with no credit history to have identical credit history to a spouse’s or former spouse’s credit established during a marriage. While AFSA supports measures that responsibly expand consumers’ ability to access appropriate credit, AFSA expressed concern that provisions of SB 311 appear to be legally unworkable as both the federal Fair Credit Reporting Act (FCRA) and Equal Credit Opportunity Act (ECOA) preempt state law. In the letter, AFSA requested that the commissioner issue a notice of non-enforcement and seek an opinion from the Attorney General on the preemption issues raised by the law.
AFSA’s SGA team is working closely with other trade associations in the state and the Nevada Financial Institutions Division to resolve this issue. You can view this letter, along with other comment letters at the direct advocacy section of SGA’s webpage.
AFSA’s State Government Affairs team sent a letter to the Commissioner of the Nevada Financial Institutions Division on SB 311 as a follow up to an in-person meeting with the division on August 22nd. Effective October 1, SB 311 would … Read the rest
AFSA will be making important IT infrastructure upgrades beginning at 6:00 a.m. ET on Wednesday, August 28. The AFSA website and social media accounts will not be impacted. However, AFSA staff will have intermittent access to their workstations… Read the rest
The AFSA Annual Meeting is right around the corner, and we are pleased to announce that The Wall Street Journal‘s Jason Riley will be a keynote speaker to our attendees. Riley, an award-winning editorial board member of The Wall Street… Read the rest
The Delaware Bank Commissioner this week will award $340,000 to schools, non-profits, and community organizations to fund financial literacy courses, according to a report from Delaware Public Media. The state last distributed financial-literacy… Read the rest
As the summer winds down and kids head back to school, it's a great time to reengage on the issues and opportunities facing the consumer credit industry. AFSA webinars are a great way to jump back in and get informed. Complimentary to AFSA… Read the rest
On August 13, 2019 the Federal Housing Finance Agency (FHFA) released a final credit score rule for Fannie Mae and Freddie Mac (the GSEs). This rule implements requirement that were enacted as part of the Economic Growth, Regulatory Relief,… Read the rest
The Consumer Financial Protection Bureau and the Arkansas attorney general’s recent settlement with Andrew Gamber and the three companies he owned and operated – Voyager Financial Group LLC, BAIC Inc. and SoBell Corp. –… Read the rest
Last week, The Wall Street Journal published an article (may be behind the paywall) entitled “That Offer to Make You Debt-Free? It Can Make You Worse Off.” The piece detailed the unethical practices that the debt-settlement … Read the rest
Last week, AFSA State Government Affairs attended the American Association of Residential Mortgage Regulators (AARMR) 30th Annual Regulatory Conference in San Diego, California. The annual conference provides an opportunity for industry… Read the rest
Join us August 22 at 2 p.m. ET for “Future of Lending: Innovations Driving Credit Decisions,” presented by Experian. Presenter Amy Graybill, VP, USIS Strategic Initiatives will walk attendees through advancements in data … Read the rest
