Washington, D.C. may be operating under one political party at both ends of Pennsylvania Avenue, but that doesn’t mean only one side of public policy should be discussed.
Unfortunately, that’s exactly what happened on March 12, when the Bank Policy Institute held a seminar which it said was intended to “encourage discussion on the role of Industrial Loan Companies (ILCs) in the modern financial system and to explain the latest regulatory environment governing ILCs.” The hosts of the seminar, however, did not invite a single representative from the ILC industry to take part.
“Failing to include anyone on the panel representing Industrial Banks makes me wonder if the actual purpose of the panel was to obfuscate the facts about Industrial Banks rather than educate interested stakeholders,” noted Frank Pignanelli, Executive Director of the National Association of Industrial Bankers, who agreed there was a need to examine industrial banks in today’s market.
AFSA has long pushed for the growth of industrial loan companies. Industrial banks are subject to the same banking laws and are regulated in the same manner as other depository institutions. They are supervised and examined both by the states that charter them and by the Federal Deposit Insurance Corporation (FDIC). They are subject to the same safety and soundness, consumer protection, deposit insurance, Community Reinvestment Act, and other requirements as other FDIC-insured depository institutions.
“The FDIC quarterly call report data conclusively demonstrate that Industrial Banks are among the safest and soundest financial institutions in the country,” Pignanelli continued. “The structure and substance of this event makes one thing perfectly clear, this one-sided discussion is not about the safety of Industrial Banks, how they serve their customers or the banking system. Instead, it was an hour-long infomercial about shutting out fair and effectively regulated competition.”
Washington, D.C. may be operating under one political party at both ends of Pennsylvania Avenue, but that doesn’t mean only one side of public policy should be discussed.
Unfortunately, that’s exactly what happened on March 12, when the Bank… Read the rest
Take a look at AFSA’s one sheet on the value of auto dealership financing.
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An article in the Bay St. Banner takes a page torn straight from the consumer “advocate” playbook: telling half of the story.
The article details various legislative efforts around the country to implement restrictive, anti-consumer interest-rate… Read the rest
Leaders in both parties of Congress reached an agreement to extend the Paycheck Protection Program (PPP) for an additional two months. House Small Business Chair Nydia Velazquez (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) came … Read the rest
AFSA strongly supports H.R. 1491, the “Fair Debt Collection Practices for Servicemembers Act,” and wrote urging the House of Representatives to pass this legislation as quickly as possible.
The Fair Debt Collection Practices for Servicemembers… Read the rest
The American Financial Services Association (AFSA) submitted an amicus brief on March 4 before the United States Court of Appeals for the First Circuit in Consumer Data Industry Association (CDIA) v. Frey. The case was brought by CDIA against… Read the rest
If you attended the 2021 Vehicle Finance Conference last week, we are pleased to inform you that recordings of all sessions are now available at the AFSA Streaming Center.
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The American Financial Services Association (AFSA) and fellow trade associations wrote to Congressional leaders supporting the extension of the Paycheck Protection Program (PPP). The loan program, scheduled to end on March 31, originated… Read the rest
From luxury SUVs to sporty convertibles, consumers have wide-reaching choices and preferences when it comes to transportation. They also have a lot of choices, and differing preferences, when it comes to paying for their vehicles.
Join … Read the rest