WASHINGTON, APRIL 18, 2018 – Today, the Senate approved S.J. Res 57 by a 51-47 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013 vehicle finance guidance.
“The vehicle finance market in the United States is a highly-competitive market which benefits consumers as dealers and lenders discount pricing and loan rates to sell and finance new and used vehicles,” said Chris Stinebert, President & CEO of the American Financial Services Association, a trade association representing vehicle finance lenders. “The vote today is in the best interests of the car-buying public.”
The CFPB’s vehicle finance lending policy, issued through guidance, directed fundamental market changes to the industry, which was already regulated by other federal agencies and state laws and regulations. The guidance was issued without any public comment, consultation with other federal agencies or transparency.
AFSA Applauds Senate Passage of S.J. Res 57
Apr 18, 2018
WASHINGTON, APRIL 18, 2018 – Today, the Senate approved S.J. Res 57 by a 51-47 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013… Read the rest
Webinar Focuses on Importance of Compliance Vigilance
Apr 18, 2018
On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes… Read the rest
MoneySKILL® + savvy teacher, students = clean sweep
Apr 17, 2018
This year’s MoneySKILL® Mania financial literacy competition, taking place in high schools across western New York, equaled a clean sweep for Fredonia High School.
Kevin Seybold finished first among nearly 1,000 students… Read the rest
AFSA Supports Initiative to Rescind CFPB Guidance on Auto Financing
Apr 12, 2018
The American Financial Services Association (AFSA) is joining with the National Automobile Dealers Association (NADA) and other sister trade associations in supporting S.J. Resolution 57 to disapprove the Consumer Financial Protection… Read the rest
Regulatory Alphabet Soup: Get to Know the Players Tapping in for the CFPB
Apr 10, 2018
As Acting Director Mick Mulvaney has stated, the Consumer Financial Protection Bureau (CFPB) appears to be discarding its former governing philosophy of “pushing the envelope” through aggressive prosecution, and embracing… Read the rest
AFSA Comments on Legislation Regulating Payment Assurance Devices
Apr 10, 2018
On April 10, AFSA submitted a comment letter to the Illinois Senate Judiciary Committee in opposition to Senate Bill 2521, which would create certain conditions for the use of electronic tracking technology or starter interrupt technology… Read the rest
THE EDGE Program Registration Deadline Approaching!
Apr 05, 2018
The registration deadline for THE EDGE is approaching!
THE EDGE program, held June 10-15, provides high-quality training for branch managers and team leaders by providing layered modules of learning that provide a sound basic knowledge… Read the rest
AFSA Publishes Rate Cap Legislation White Paper
Apr 02, 2018
On April 2, AFSA’s State Government Affairs department published its recent rate cap legislation white paper. AFSA’s white paper examines recent measures proposed by states to impose rate caps, including those that use an … Read the rest
Transparency, Technology, Customer Service Major Topics at AFSA’s CEO Panel
Mar 29, 2018
CEOs of leading vehicle finance companies representing captives, banks and independent subprime lenders engaged in a lively roundtable discussion on topics ranging from the impact of technology to taking care of a new wave of maturing Millennial… Read the rest
HDFS President Named Chair; Ally Financial President, Auto Division, Named Vice Chair of AFSA Vehicle Finance Division
Mar 26, 2018
Larry Hund, President and Chief Operating Officer, Harley-Davidson Financial, was installed as the new chair of the American Financial Services Association (AFSA) Vehicle Finance Division Board at the conclusion of the division’s… Read the rest