Earlier this week AFSA filed an amicus brief supporting the National Automobile Dealers Association’s (NADA) challenge to the FTC’s “Combating Auto Retail Scams Trade Regulation Rule.” The rule creates an assortment of new requirements and prohibitions regarding misrepresentations, mandated disclosures, add-on product charges, and recordkeeping for dealers. Violation of these new provisions is deemed “an unfair or deceptive act or practice.”
AFSA did significant outreach at the time the rule was proposed and finalized, and some of AFSA’s comments were adopted in the final rule. However, there are still many serious issues with the rule. As AFSA represents the interests of financial institutions that, as acknowledged in the FTC’s rulemaking analysis, finance approximately 70% of vehicle purchases nationwide, supporting the challenge to the rule is important. AFSA is very grateful to Husch Blackwell for their excellent work in writing the brief and for their support of the association. AFSA members support reasonable regulation that protects consumers and allows markets to function, and they strive to ensure compliance with the various statutes and rules that apply to them.
This rule is not a reasonable regulation. AFSA states in its brief that the FTC failed to consider the substantial costs of this rule on the auto finance industry, an industry inextricably intertwined with the sale of vehicles by dealers. This rule would increase the costs of compliance, enforcement, and litigation. Ultimately, these costs incurred by financial institutions will, in turn and of necessity, be passed on to and borne by consumers, reducing the availability of credit. The FTC did not examine these costs or address them in its cost-benefit analysis of the rule. The FTC’s failure to consider these costs makes the rule arbitrary and capricious, and the rule should be vacated.
AFSA Supports NADA FTC Challenge
Mar 28, 2024
Earlier this week AFSA filed an amicus brief supporting the National Automobile Dealers Association’s (NADA) challenge to the FTC’s “Combating Auto Retail Scams Trade Regulation Rule.” The rule creates an assortment of new requirements… Read the rest
News From Our Members | PayNearMe Earns “Best Consumer Payments Platform” Award by FinTech Breakthrough for Business Rules Technology
Mar 28, 2024
PayNearMe is thrilled to announce that we have won “Best Consumer Payments Platform” for the fifth straight year, thanks to the flexibility that our Business Rules technology offers. Business Rules enable lenders to change… Read the rest
Women’s History Month | Heather Wybrow
Mar 27, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
Say yes to opportunities that make you uncomfortable as often as possible, especially… Read the rest
Downshifting a Data Request
Mar 27, 2024
Earlier this year the CFPB proposed a new data collection project, with the Bureau indicating it would like to collect loan-level information on just about every auto loan in the U.S. The Bureau hasn’t said why it needs this data or what it would… Read the rest
Women’s History Month | Danielle McLean
Mar 27, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
My top life and career lessons are, Keep GOD first in everything. Positive perspective… Read the rest
Women’s History Month | Kristen Miller
Mar 26, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson of your career?
The most important lesson of my career has been to be open and receptive
Women’s History Month | Sarah Milovich
Mar 26, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson?
Don’t underestimate your abilities, but stay humble. It’s easy to feel that you
AFSA Supports Colorado Consumers’ Access to Credit
Mar 25, 2024
The American Financial Services Association filed a lawsuit in Colorado federal court today with two other national trade groups challenging a state statute that violates federal law by imposing Colorado’s interest-rate caps on loans … Read the rest
Women’s History Month | Stacey Jones
Mar 25, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
What has been the most important lesson? Was there a mentor who provided great insight in your early career?
I clerked for
Women’s History Month | Wendy Pratt
Mar 22, 2024
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
*Credit to DE&I Council at Flagship*
Thinking back on your career this far, what has been the most significant challenge… Read the rest