American Financial Services Association - 2019 Review/2020 Preview from the State Capitols
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2019 Review/2020 Preview from the State Capitols

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On January 6, AFSA’s State Government Affairs department published its 2020 State Legislative Preview and 2019 Review white paper. Published monthly, AFSA’s state white papers typically provide a snapshot in time covering a single-issue area; however, the 2020 preview/2019 review provides a broad look at activity affecting AFSA members’ priority issues in the legislative session coming to an end, with a sample of what members can expect from the states over the next year. For a full review of the 2019 session, members can check out the white paper in the State Resources section of AFSA’s website.

The states had an active year in 2019, as all 50 state legislatures met in regular session and considered legislation on myriad topics, including debt collection, fintech regulation, mortgage lending and servicing, payment cards and systems, rate caps, traditional installment loans, and vehicle finance. While only a handful of states held off-year elections in 2019, the elections shifted party control of two attorney general offices, one gubernatorial seat, and several state legislative seats.

In the wake of recent major data breaches, privacy and fraud issues continued to be a high priority for many states. Following the example set by California with the CCPA, a number of states considered their own CCPA-inspired bills. Though several of these bills were enacted, none are nearly as far-reaching as the CCPA itself. In addition to the the state legislative activity, state attorneys general had an active year and, in some cases, partnered with each other or federal regulators for enforcement. Vehicle finance, data breach, and collections issues were clear priorities for state AGs in 2019.

The 2020 legislative session is shaping up to focus on innovative products and the privacy implications of existing products, while evergreen issues like rate caps and debt collection will continue draw interest from legislators and consumer activists, and states will look to strengthen their cybersecurity and data breach laws. Depending on the final outcome of industry lawsuits pending in several state, it’s clear that states must more carefully consider the implications and possible federal preemption of new legislation.

The past session saw an increase in states introducing legislation creating regulatory “sandbox” frameworks for fintech or innovative companies, and Utah and Nevada joined Arizona in enacting such programs. This trend is likely to continue in 2020 as more states consider programs of their own. Regulation of the debt settlement industry is one emerging issue in 2020, as debt settlement companies continue to insert themselves between creditors and borrowers without accompanying consumer benefit. Some debt settlement companies may even try to extend loans of their own in schemes to “assist” consumers with settling their debts, as seen in the Colorado attorney general enforcement action in August 2019.

Members can be sure that AFSA is committed to proactively monitoring all issues that could affect the financial services industry and will keep members apprised of new developments as they occur.

2019 Review/2020 Preview from the State Capitols
Jan 10, 2020

On January 6, AFSA’s State Government Affairs department published its 2020 State Legislative Preview and 2019 Review white paper. Published monthly, AFSA’s state white papers typically provide a snapshot in time coveringRead the rest

RELEASE | AFSA Welcomes CFPB Taskforce Appointments
Jan 09, 2020

WASHINGTON, DC (January, 9 2020) – The Consumer Financial Protection Bureau today announced the makeup of its Taskforce on Federal Consumer Financial Law, which will examine the legal and regulatory environment facing consumersRead the rest

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

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