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 in navigating state rules and regulations.
Last week at the AFSA/NADA Forum, Danielle Fagre Arlowe, AFSA’s Senior Vice President for State Government Affairs, reported that several state attorneys general and state legislatures are taking steps to pick up the slack where they feel the Bureau of Consumer Financial Protection (BCFP) and the Trump Administration may be pulling back.
For example, Pennsylvania Attorney General Josh Shapiro established a mini-BCFP as part of his office and bought in four former BCFP staffers who worked under former Director Richard Cordray at the Bureau.
Maryland’s legislature is concerned with federal rollback and is monitoring changes in federal law as a way to propose counter changes to existing state consumer protection laws. The Maryland legislature has created the Consumer Financial Protection Commission.
The Tennessee Attorney General’s office, under Herbert Slattery, is growing its consumer protection division and has hired an attorney to deal with consumer issues, especially in the area of automotive guidance. The AG’s office enforces the Tennessee Consumer Protection Act.
Phil Murphy, the first-term governor of New Jersey had, as part of his platform, a state CFPB office attached to the Attorney General’s office. In New Jersey, the AG is appointed by the governor, unlike other states where the AG is an elected position.Recently the state AGs who are Democrats sent a letter to Congress urging it not to vote for the joint resolution effectively repealing the CFPB’s 2013 auto guidance. The joint resolution passed in both houses and was signed by President Trump.
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
If it seems like conventional wisdom is predicting that the U.S. car market in the not-too- distant future will be dominated by autonomous vehicles, electric vehicles and ride-hailing services, a recent consumer study commissioned by the… Read the rest
AFSA submitted a comment letter on June 25 on the Bureau’s inherited regulations. As part of its “call for evidence,” the Bureau of Consumer Financial Protection sought comments and information to assist it in considering… Read the rest
On June 25, AFSA submitted a comment letter to the California Assembly Committee on Banking and Finance in opposition to Senate Bill 1235, which would create a new set of disclosures that commercial lenders would be required to provide borrowers… Read the rest
Approximately 60 executives representing the leadership of the American Financial Services Association’s (AFSA) Vehicle Finance Division and the National Automobile Dealer Association’s (NADA) dealers and staff met … Read the rest
President Donald Trump this week nominated Kathleen “Kathy” Kraninger as the new Director of the Bureau of Consumer Financial Protection (BCFP).
Once confirmed by the Senate, Kraninger will replace the Bureau’s Acting… Read the rest
On Tuesday, the American Financial Services Education Foundation (AFSAEF) launched the Spanish language version of its free online personal finance course, MoneySKILL®.
“The Hispanic population in the United States … Read the rest
The myth of the subprime bubble in the auto lending industry was dispelled by a leading analyst today at a conference of consumer finance company executives and state regulators.
Melinda Zabritski, Senior Director for Experian Automotive’s… Read the rest
