The Treasury Department issued a comprehensive report on Tuesday that provides policy recommendations relating to nonbank financial institutions, fintech and innovation. There are a few issues raised in the report that AFSA believes will be of particular interest to members because these issued have been discussed at recent meetings. Specifically, the Treasury Department recommends:
- Changes to the TCPA, including the compilation of a reassigned numbers database with a safe harbor and clear guidance on reasonable methods for consumers to revoke consent;
- That state regulators build a more unified licensing regime and supervisory process;
- That the Bureau of Consumer Financial Protection (BCFP) establish minimum effective federal standards for third-party debt collectors that address the information that is transferred with a debt for purposes of debt collection or in a sale of the debt (and not write rules for first-party debt collectors without additional direction from Congress);
- That the Bureau promulgate regulations under the FDCPA to codify that reasonable digital communications, especially when they reflect a consumer’s preferred method, are appropriate for use in debt collection;
- That banks increase small-dollar lending;
- That the BCFP rescind its small-dollar rule;
- That Congress enact a federal data security and breach notification law to protect consumer financial data and notify consumers of a breach in a timely manner;
Sections of Treasury’s report reflect the efforts of AFSA members and staff in emphasizing the benefits of traditional installment lending in communities across the United States. For example:
- “Nonbank financial firms play important roles in providing financial services to U.S. consumers and businesses by providing credit to the economy across a wide range of retail and commercial asset classes.”
- “The demand for short-term, small-dollar products is high because many households struggle with income volatility, thin or no credit files or a subprime score, or lack of access to mainstream financial products that meet their needs. According to the Fed, 40% of Americans say they could not easily cover an emergency expense of $400.”
The Treasury Department issued a comprehensive report on Tuesday that provides policy recommendations relating to nonbank financial institutions, fintech and innovation. There are a few issues raised in the report that AFSA believes … Read the rest
On Monday, AFSA sent a letter to Massachusetts Governor Charlie Baker opposing H.4806, a bill related to security breaches. As currently written, the bill would prohibit lenders to view consumer’s credit information in order to make… Read the rest
Auto finance companies can expect new light vehicle U.S. sales to maintain its 17- million unit pace for the remainder of 2018 and relative strength heading into 2019, according to an industry forecast.
With positive “green light”… Read the rest
AFSA sent a letter on July 17 to the Senate Committee on Banking, Housing, and Urban Affairs strongly supporting President Trump’s nomination of Kathy Kraninger for the Director of the Bureau of Consumer Financial Protection (BCFP)… Read the rest
The American Financial Services Association (AFSA) last night was recognized by the National Down Syndrome Society (NDSS) for AFSA’s five-year sponsorship of the annual “Caring with Congress” event.
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So far in the first half of 2018, AFSA’s popular Webinar Series has hosted 10 webinars on a broad range of topics relevant to the consumer credit industry.
AFSA’s Webinar Series calendar is open for July, which is the perfect time… Read the rest
The American Financial Services Association (AFSA) typically does not comment on the business practices of individual members.
However, in light of yesterday’s story about Mariner Finance in the Washington Post, we feel a response… Read the rest
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JOIN IN JULY AND AUGUST AND RECEIVE A COMPLIMENTARY REGISTRATION TO THE ANNUAL CONFERENCE – A $1300 VALUE
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While the auto finance industry made certain legislative and regulatory gains dating back to late last year on the federal level, it continues to be an industry regulated in all 50 states, relying on its compliance departments for expert guidance… Read the rest
So far in the first half of 2018, AFSA’s popular Webinar Series has hosted 10 webinars on a broad range of topics relevant to the consumer credit industry.
AFSA’s Webinar Series calendar is open for July, which is the perfect time… Read the rest