AFSA’s State Government Affairs (SGA) team this week sent a comment letter to Texas Attorney General Ken Paxton in response to an opinion request from a state representative regarding the Texas Finance code. In the request, the representative asked the attorney general if a “credit services organization”, which is the state’s definition of payday and vehicle title lender, could extend forms of consumer credit beyond those explicitly authorized – namely deferred presentment or motor vehicle title loans. In the letter, AFSA strongly urged the attorney general to uphold the current interpretation of the Texas Finance Code, which maintains that credit services organizations should only be allowed to extend the forms of consumer credit that are explicitly authorized. Unlike credit services organizations, AFSA members are regulated and licensed by the Texas Office of Consumer Credit Commissioner. Altering the existing interpretation of the Texas Finance Code by allowing unregulated and unlicensed credit services organizations to extend other forms of consumer credit will open the door to an increase in predatory lending practices in Texas.
This letter, as well as SGA’s other comment letters, are available in the direct advocacy section of the AFSA website.
AFSA’s State Government Affairs (SGA) team this week sent a comment letter to Texas Attorney General Ken Paxton in response to an opinion request from a state representative regarding the Texas Finance code. In the request, the representative… Read the rest
The American Financial Services Association yesterday submitted a comment letter to the National Highway Traffic Safety Administration (NHTSA) voicing its strong support for a final rule allowing state adoption of electronic odometer… Read the rest
The American Financial Services Association (AFSA) yesterday announced that its Board of Directors elected a new chairman, chair-elect and vice chairman-treasurer for the next 12 months. The appointments were made at the close of the 2019… Read the rest
In this episode of the AFSA Extra Credit Podcast, we speak to Rex Ellison, President & CEO of Republic Finance and Chairman of the AFSA Education Foundation.
Rex shares with us some best practices for building a successful traditional… Read the rest
AFSA last week commented on the Department of Housing and Urban Development’s (HUD) proposed rule amending its interpretation of the Fair Housing Act’s disparate impact standards. Specifically, HUDs proposed rule changes… Read the rest
Two consumer–credit industry executives were honored with the 2019 American Financial Services Association (AFSA) Distinguished Service Award (DSA) today at AFSA’s 2019 Annual Meeting in Nashville.
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The AFSA Extra Credit Podcast is a quick take on the consumer credit industry from the professionals who work in it every day. In the inaugural episode of the AFSA Extra Credit Podcast, we’re talking with AFSA President & CEO … Read the rest
The Financial Accounting Standards Board yesterday unanimously delayed implementation of the Current Expected Credit Loss accounting standard until 2023 for most financial institutions. Banks that file with the Securities and Exchange… Read the rest
For months, the American Financial Services Association and other financial-services industry partners have urged the Financial Accounting Standards Board (FASB) to delay implementation of the new Current Expected Credit Loss (CECL)… Read the rest
On Tuesday, October 15, the American Financial Services Association submitted a comment letter on the Consumer Financial Protection Bureau (CFPB)’s Advanced Notice of Proposed Rulemaking amending the October 2015 final rule on… Read the rest
