AFSA’s state government affairs team recently testified in front of the Nevada Financial Institutions Division regarding draft rules for two bills that were passed last legislative session. Matt Kownacki, Director of State Research and Policy, testified on draft regulations for Nevada SB 201, which requires lending companies to submit information to a centralized database. In testimony, AFSA took issue with the division’s requirement that traditional installment lenders submit information to the database, because the regulations do not reflect the significant differences between traditional installment lenders and the much more risky deferred deposit and title lenders. Unlike deferred deposit or title loans, traditional installment lenders report information directly to credit bureaus, making the database reporting requirements duplicative and unnecessary. In addition, database reporting requirements would pose significant new costs on consumers, due to an increased compliance burden and security concerns. In addition to AFSA’s oral testimony, AFSA sent a comment letter to the division.
AFSA Senior Vice President Danielle Fagre Arlowe testified on behalf of multiple financial services trade associations regarding draft regulations for Nevada SB 311, which allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage. AFSA argued that these new, unprecedented requirements would conflict with federal laws such as the Fair Credit Reporting Act and the Equal Credit Opportunity Act. A copy of AFSA’s testimony can be found here. These comment letters can be found on the direct advocacy section of AFSA’s website.
AFSA Testifies on Lending Regulations in Nevada
Oct 01, 2020
AFSA’s state government affairs team recently testified in front of the Nevada Financial Institutions Division regarding draft rules for two bills that were passed last legislative session. Matt Kownacki, Director of State Research and… Read the rest
Are you registered for the AFSA Conference next week?
Oct 01, 2020
There’s still time! AFSA has put together a stellar program that features great keynote presentations, engaging breakouts and fun, interactive networking events, like wine tasting and pub trivia. The conference will also feature… Read the rest
October Business Partner Spotlight: Fortegra
Oct 01, 2020
The featured Business Partner for October is Fortegra, a trusted partner of the consumer credit industry for over 40 years. Fortegra offers the strength and stability you need in an insurer, the collaborative approach you want from a partner.… Read the rest
AFSA, Trades Push for Real-time Blocked Call Notification
Sep 30, 2020
AFSA joined several trade associations in a reply comment to the Federal Communications Commission focusing on the Commission’s legal obligation under the TRACED Act to establish a real-time notification requirement to inform callers… Read the rest
Remembering Tim Harrelson
Sep 29, 2020
On behalf of the American Financial Services Association team, I am saddened to report the passing of AFSA Member and friend to everyone he met, Tim Harrelson.
Tim’s career in the financial services industry spanned more than four decades,… Read the rest
Adapting to Lending’s New Normal with Speed and Agility
Sep 28, 2020
Join us on October 1 for Adapting to Lending’s New Normal with Speed and Agility, presented by Zest AI.
Lenders are preparing for the next wave of fallout from the pandemic and associated market volatility. Many expect to face higher … Read the rest
Check your mailbox – “Watchdog” is on the way
Sep 24, 2020
We’re getting close to the 2020 Virtual Annual Meeting & Independents Conference & Expo! Keep an eye on your mailbox – all attendees will be receiving a copy of former Consumer Financial Protection Bureau (CFPB)… Read the rest
AFSAEF Announces New Learning Activities Resource
Sep 24, 2020
The American Financial Services Association (AFSA) Education Foundation is pleased to announce the release of a comprehensive collection of digital financial education resources and activities titled, MoneySKILL® Learning Activities… Read the rest
Live from California Wine Country
Sep 23, 2020
Join us after Wednesday’s sessions on October 7th at 4:00 p.m. ET, for a live wine tasting from the founder and winemaker of Voluptuary Winery! Crack open the wines shipped to you and sip along with your colleagues!*
Kevin Luther is the… Read the rest
AFSA asks Supreme Court to Take Up Due Process Case
Sep 21, 2020
AFSA joined with other trade associations in asking the Supreme Court to take up a due process case. Ally Financial Inc. v. Alberta Haskins, et al. raises an important question – whether, in a class action, the due process clause of the Fourteenth… Read the rest