This week, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a statement encouraging banks to transition away from the U.S. dollar (USD) London Interbank Offered Rate (LIBOR) in a timely manner. LIBOR is used globally as a short-term interest rate benchmark for various credit products The joint agencies’ statement followed the Intercontinental Exchange’s announcement of their intention to cease the publication of the one week and two month USD LIBOR settings on December 31, 2021 and the overnight, one, three, six, and 12 month USD LIBOR settings on June 30, 2023.
AFSA previously commented on the Consumer Financial Protection Bureau’s (CFPB) rulemaking to facilitate a smooth transition away from LIBOR to avoid disruptions in the credit market. The CFPB’s proposed rule will provide financial institutions flexibility in selecting replacement indices while creating disclosure requirements to help consumers understand changes in credit products.
Federal Banking Agencies Urge Banks to Transition Away From LIBOR
Dec 02, 2020
This week, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a statement encouraging banks to transition away from the U.S. dollar (USD)… Read the rest
TOMORROW | AUTO LOAN ACCOMMODATIONS: INSIGHTS FROM THE PAST, APPLICATIONS FOR THE PRESENT
Dec 02, 2020
Join us TOMORROW at 2:00 p.m. ET for Auto Loan Accommodations: Insights from the Past, Applications for the Present, presented by TransUnion
The COVID-19 pandemic significantly impacted consumers and businesses, and the auto industry… Read the rest
December Featured Business Partner: Dealertrack
Dec 01, 2020
The featured business partner for the month of December is Dealertrack.
Dealertrack provides innovative technology that is critical to the success of any automotive dealership or lending institution. Our unmatched product suite fosters… Read the rest
Jonathon Levin & Rhonda Ashburn on the Importance of Financial Education
Dec 01, 2020
In this episode of the AFSA Extra Credit Podcast we talk with Jonathon Levin, CEO of Turner Acceptance about what his company has done to maintain high quality customer service during the COVID-19 pandemic. He also shared some of the important… Read the rest
Happy Thanksgiving
Nov 26, 2020
In observance of the Thanksgiving holiday, AFSA will be closed on Thursday, November 26 & Friday, November 27. As always, the AFSA team will remain vigilant and will keep you informed of any breaking news of import to the industry.
From … Read the rest
AFSA, Trades Meet with FCC on Call-Blocking
Nov 24, 2020
This week, the American Financial Services Association (AFSA) and industry trade associations met with the Federal Communications Commission’s (FCC) Consumer and Governmental Affairs Bureau regarding proceedings before the FCC arising… Read the rest
CFPB Hosts Combined Advisory Committees Meeting
Nov 23, 2020
Last week, AFSA staff attended the Consumer Financial Protection Bureau’s (CFPB) virtual advisory committee meetings at which members discussed the agency’s recent initiatives and rulemakings, along with broader discussions on COVID-19-related… Read the rest
LISTEN | Danny Cantrell on Multichannel Communications & More
Nov 19, 2020
In this episode of the AFSA Extra Credit Podcast, we talk with Danny Cantrell, CEO and Co-founder of Solutions by Text. Danny has played an integral role at AFSA and is a mainstay at AFSA conferences and events. His expertise and thoughtfulness… Read the rest
Auto Loan Accommodations: Insights from the Past, Applications for the Present
Nov 18, 2020
Join us on December 3 at 2:00 p.m. ET for Auto Loan Accommodations: Insights from the Past, Applications for the Present.
The COVID-19 pandemic significantly impacted consumers and businesses, and the auto industry is one of many that provided… Read the rest
SBA Should Modify PPP Loan Review
Nov 18, 2020
AFSA joined a coalition of 80 trade associations asking policymakers to revise a proposed Paycheck Protection Program (PPP) review process. The members of the organizations have been on the frontlines both delivering and receiving aid … Read the rest