On September 28, the Connecticut Department of Banking issued a memo announcing a no action position regarding Section 97 of HB 5490/Public Act 18-173, which amended state law to require sales finance companies to collect and maintain records of the ethnicity, race and sex of applicants and co-applicants for retail installment contracts starting October 1. The Department’s memo states that the Department has formally requested that the Bureau of Consumer Financial Protection (BCFP) provide an official interpretation as to whether the state’s requirements are consistent with Regulation B. The memo indicates that the no action position will remain until the Department receives further guidance from the BCFP.
AFSA met with the Department in August to raise concerns that the new law’s requirements were in conflict with Regulation, which generally prohibits creditors from collecting such data from credit applicants. AFSA followed up with the Department in a comment letter and requested a no action position on the issue.
AFSA will continue to monitor issue and keep members apprised of any updates from the Connecticut Department of Banking or the BCFP.
On September 28, the Connecticut Department of Banking issued a memo announcing a no action position regarding Section 97 of HB 5490/Public Act 18-173, which amended state law to require sales finance companies to collect and maintain records… Read the rest
The following article is part of AFSA's Business Partner Webinar Series. You can learn more during Equifax's webinar on Oct. 2 at 2 p.m. ET entitled Verify to Clarify – Know More About Your Customers to Help Grow & Increase… Read the rest
Paul Watkins, Director of the Office of Innovation at the Bureau for Consumer Financial Protection (BCFP), is the luncheon speaker Oct. 24 at AFSA’s upcoming Annual Meeting.
Watkins will shed light on the Bureau’s plans in the… Read the rest
Join AFSA on Tuesday, October 2 at 2 p.m. ET for Verify to Clarify – Know More About Your Customers to Help Grow & Increase your Portfolio Profitability, presented by Equifax.
Verifying income and employment is an essential … Read the rest
The second podcast in AFSA’s recently-launched AFSA Today series is available at afsaonline.org/podcasts.
In this podcast, AFSA’s Jack Ferry, Vice President of Communications, interviews Bill Himpler, AFSA’s Executive… Read the rest
AFSA staff attended the Bureau of Consumer Financial Protection’s (BCFP) Building a Bridge to Credit Visibility Symposium on Sept. 17, the focus of which was using innovation to build economic opportunity.
The heads of several different… Read the rest
The Bureau of Consumer Financial Protection (BCFP) this week posted a blog saying it is emphasizing growing its state and local government relationships, as part of its Strategic Plan and Objectives for this year.
“The Bureau has strong… Read the rest
Today’s financial institutions understand the power of artificial intelligence to drive profitability in their businesses. Many lenders employ data science teams who are experimenting with machine learning. But the challenge… Read the rest
The Bureau of Consumer Financial Protection (BCFP) and four other federal agencies this week issued a joint statement explaining the role of supervisory guidance for regulated institutions, clarifying that guidance does not have the same… Read the rest
