The 1st Circuit Court of Appeals on Thursday April 4th accepted an amicus brief in Thompson v. JPMorgan Chase filed by AFSA and its sister trades. The trade associations are asking that the court grant Chase’s petition for rehearing or for rehearing en banc. The case has far-reaching consequences for the residential mortgage loan industry in Massachusetts. If rehearing is not granted, the decision may invalidate thousands of foreclosures already conducted in Massachusetts, resulting in consumer confusion and harm. Specifically, the decision has the potential to cloud title in thousands of mortgages in Massachusetts.
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On April 10, the California Court of Appeal granted AFSA leave to file an amicus brief in the matter of Ron Miller Enterprises v. Lobel Financial Corporation, Inc. Ron Miller Enterprises financed the inventory of King Kars, who sold the financed vehicles to consumers. The retail installment sales contracts were sold to Lobel Financial. King of Kars became insolvent and Ron Miller sued Lobel claiming the amount owed on the inventory financing agreement. The trial court ruled in Lobel’s favor and the Court of Appeals reversed.
The amicus filed by AFSA requests a rehearing, noting that the original decision by the Court of Appeals incorrectly resolves the priority dispute between the inventory lender and the purchase of consumer paper.
The amici are available on the Legal & Regulatory area of AFSA’s website. For more information, contact Celia Winslow, Vice President of Legal & Regulatory Affairs.
The 1st Circuit Court of Appeals on Thursday April 4th accepted an amicus brief in Thompson v. JPMorgan Chase filed by AFSA and its sister trades. The trade associations are asking that the court grant Chase’s petition for rehearing … Read the rest
This month, AFSA joined with other trades and member companies in meetings at the Federal Communications Commission (FCC). The associations and members met with FCC Commissioner Michael O’Rielly, as well as advisors to Chairman … Read the rest
On April 3, the Senate Committee on Commerce, Science, and Transportation passed S. 151, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act, by voice vote.
AFSA shares committee members’ concerns regarding… Read the rest
Join AFSA on Thursday, April 11, at 2 p.m. ET for Jurisdictional Challenges in Motor Vehicle Lending: What You Need to Know, presented by Wolters Kluwer.
With 50 states, five territories, one federal district and more than 3,000 counties and… Read the rest
The proposed safeguards rule from the Federal Trade Commission (FTC) was published in the Federal Register this morning.
“While AFSA supports the goal of the Safeguards Rule to promote data security, we believe that that the prescriptive
…
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The Financial Accounting Standards Board (FASB) rejected yesterday a proposal brought by several financial institutions and trade associations, including AFSA. The proposal would have softened the impact of a change that will force banks… Read the rest
REPAY is the Resource Directory’s Featured Listing for April. Realtime Electronic Payments was established in 2006 and is the premier full-service payment technology and processing provider for the consumer finance industry.… Read the rest
AFSA's April State Government Affairs white paper is now available. This month's white paper covers the state response to the recent federal government shutdown. While the federal government was partially shutdown for a record… Read the rest
AFSA looks forward to examining the 2018 HMDA data in detail during the coming weeks.
“While HMDA data can assist regulators in several ways, the publicly-released data does not present a complete picture of the mortgage lending process,”… Read the rest
WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association (AFSA) today announced that Bill Himpler, President-elect of the association since last November, becomes President & CEO, succeeding… Read the rest
