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AFSA Submits Three Comments on Critical Rulemakings

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AFSA this week submitted three comment letters to federal agencies.The first letter is in response to the Federal Deposit Insurance Corp.’s (FDIC) request for comment on the agency’s process for approving new state chartered banks. The letter spelled out the importance that the creation of new industrial banks has and pushed the FDIC to make the process easier.

FDIC Chair Jelena McWilliams noted in recent comments that, “Over the past decade, de novo activity has screeched to a historic halt. As FDIC chair, one of my key priorities is to encourage new bank formation. The FDIC needs to do its part to make that happen.”

The second letter addressed the Federal Trade Commission’s (FTC) proposed revision of the Red Flags Rule and Card Issuers Rule, collectively referred to as the Identity Theft Rules.

The letter notes that AFSA and its members overwhelmingly support the FTC’s goal of protecting consumers from identity theft and that the rules do not warrant modification or rescission. It also highlighted that compliance costs incurred by financial institutions at the rules inception were significant and any revision would drive up those costs unnecessarily.

The third letter addressed the Consumer Financial Protection Bureau’s (CFPB) proposed no-action letter policy and Product Sandbox. AFSA supports both the policy and the creation of the sandbox as an important tool in financial services innovation.

All three letters can be found in the Legal & Regulatory area of the AFSA website.

AFSA Submits Three Comments on Critical Rulemakings
Feb 11, 2019

AFSA this week submitted three comment letters to federal agencies.The first letter is in response to the Federal Deposit Insurance Corp.’s (FDIC) request for comment on the agency’s process for approving new state chartered… Read the rest

AFSA does in-depth study on Municipal Zoning Restrictions
Feb 09, 2019

AFSA’s State Government Affairs department this month published its Municipal Zoning Restrictions white paper. AFSA’s white paper takes an in-depth look at recent activity by municipalities seeking to regulate small loan… Read the rest

AFSA Meets with FDIC Chairman Jelena McWilliams
Feb 06, 2019

AFSA met with Jelena McWilliams, the Chairman of the FDIC, this week. AFSA raised several key issues with the Chairman, including: the lingering effects of Operation Choke Point, how the Military Lending Act (MLA) limits the availability… Read the rest

Experts agree that Blockchain’s utilization In the vehicle retail channel is imminent
Feb 06, 2019

Among the many panels of subject matter experts at the recent AFSA Vehicle Finance Conference tackling the latest technology topics facing the industry, the subject of Blockchain drew a standing room only crowd of execs looking for information… Read the rest

AFSA Board approves nominations of three new members
Feb 04, 2019

The AFSA Board of Directors recently approved the nominations of three executives to replace three board members, all of whom recently retired.

Susan Bridges, Chairman of the Board of Security Finance Corporation of Spartanburg, S.C., … Read the rest

AFSA Adds Expertise in Member Services & Engagement
Feb 01, 2019

The American Financial Services Association is pleased to announce the addition of Toni-Lewis Bennett as Vice President of Member Services & Engagement. Lewis-Bennett was hired following the departure of Sheilah Harrison who… Read the rest

AFSA announces new chair-elect for Board of Directors
Jan 21, 2019

The American Financial Services Association (AFSA) Monday announced that its board of directors has elected Dan Chait, President of Southeast Toyota Finance, as the new chair-elect of the AFSA board.

Chait has been on the AFSA Board of Directors

Read the rest

Consumer finance companies activate customer assistance initiatives
Jan 17, 2019

Member companies of the American Financial Services Association (AFSA), whether in auto finance or traditional installment lending, are reaching out to customers who are adversely affected by the federal government shutdown, the longest… Read the rest

Auto Finance chief executives set for AFSA conference
Jan 15, 2019

The chief executives of five auto finance lenders, representing captives and major banks, will participate in a panel discussion next week at AFSA’s annual Vehicle Finance Conference, capping off three days of deep dives and 30,000-foot… Read the rest

AFSA’s Annual Law & Compliance Symposium to Feature Tax Compliance
Jan 09, 2019

AFSA strives to assemble meeting presentations that address critical issues for consumer finance companies. At the upcoming 2nd Annual Law & Compliance Symposium, AFSA will be featuring speakers from Akerman LLP to address two… Read the rest

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