This week, AFSA’s State Government Affairs (SGA) team sent a letter commenting on a recent rulemaking by the New York Department of Financial Services (DFS) on third-party debt collection rules. The DFS’ new rules would make significant changes to existing rules, including debt validation requirements and new restrictions on communicating with consumers. In the letter, AFSA’s letter raised concerns related to amended definitions that may include certain creditors that are currently exempt from the rules in the definition of “debt collector”. In addition, AFSA expressed concern over calling and electronic communications restrictions and debt validation requirements that would conflict with federal requirements. AFSA also requested a delayed effective date.
AFSA’s SGA team also sent a letter to the Illinois Joint Committee on Administrative Rules regarding amended rules issued by the Illinois Department of Financial and Professional Regulation (DFPR). The proposed rules would implement the new “Predatory Loan Prevention Act”, which was passed by the legislature in 2021. The rules were the DFPR’s second revision of initial rules published in May 2021, which AFSA also commented on. The amended rules included some of AFSA’s suggestions in the previous letter but still contained some concerning provisions. In the letter, AFSA requested that the rules clearly distinguish between title loans and traditional consumer installment loans secured by a motor vehicle. AFSA also requested clarity on the database reporting requirements and raised concerns with the disclosures for sales finance companies. AFSA further requested a delayed effective date to give companies time to allow financial institutions to implement changes to their operation and compliance systems.
These letters, as well as other SGA advocacy actions, can be found on the State Direct Advocacy section of the AFSA website.
SGA sends letters in New York and Illinois
Feb 17, 2022
This week, AFSA’s State Government Affairs (SGA) team sent a letter commenting on a recent rulemaking by the New York Department of Financial Services (DFS) on third-party debt collection rules. The DFS’ new rules would make significant … Read the rest
AFSA Responds to RFI on Prosperity Gap
Feb 15, 2022
Yesterday, AFSA completed a Request For Information from the House Select Committee on Economic Disparity and Fairness in Growth regarding policy areas that can help close the prosperity gap in the United States.
AFSA’s comments focused… Read the rest
Don’t Miss These Headliners in Vegas!
Feb 14, 2022
If we’re in Vegas, it can mean only one thing: outstanding headline acts! And the 2022 Vehicle Finance Conference & Expo will not disappoint.
Sponsored by FIS
Jon Taffer is an award-winning hospitality expert,… Read the rest
WATCH | Digital Retail Done the Right Way
Feb 09, 2022
Join us on February 24 at 2:00 p.m. for Digital Retail Done the Right Way, presented by NetSol.
This webinar will focus on customer centricity as the North Star to creating a digital retail platform for the mobility ecosystem. You’ll… Read the rest
AFSA Submits Comments on FTC’s Safeguards Rule
Feb 08, 2022
On February 7, AFSA responded to the Federal Trade Commission’s (FTC) supplemental rulemaking further amending the Standards for Safeguarding Customer Information (Safeguards Rule). A provision of the Gramm Leach Bliley Act (GLBA), … Read the rest
Remembering Cheslie Kryst
Feb 07, 2022
AFSA was saddened to learn of the passing of Cheslie Kryst on January 30th. Ms. Kryst was an important voice on diversity, equity and inclusion, and her voice and leadership were an extension of her remarkable life story and her career.
Ms. … Read the rest
Senator Stands Up for Access to Consumer Credit
Feb 04, 2022
Yesterday, President Biden’s three nominees to serve on the Federal Reserve Board of Governors testified before the Senate Banking Committee on a variety of financial service-related topics, including the ability for consumers… Read the rest
FDIC’s McWilliams Writes to End Operation Choke Point
Feb 02, 2022
This week, outgoing FDIC Chairman and past AFSA Annual Meeting speaker Jelena McWilliams wrote a response letter to Senator Mike Crapo (R-ID) regarding the measures her office has taken to remediate the effects of Operation Choke Point. … Read the rest
AFSA’s Capital Update in Las Vegas
Feb 02, 2022
Join AFSA’s Senior Vice Presidents for Federal and State Affairs, Celia Winslow and Danielle Arlowe as they share their insights on federal and state legislative and regulatory matters, update policy trends, and predict what… Read the rest
Celebrating Black History Month
Feb 01, 2022
As Bishop Desmond Tutu said, “My humanity is bound up in yours, for we can only be human together.” Black History Month highlights the deep, rich legacy of African Americans that is so much of the binding of our nation’s heritage. Our ongoing … Read the rest