The Consumer Financial Protection Bureau (CFPB) has issued two notices of proposed rulemaking (NPRMs) to amend the Ability to Repay/Qualified Mortgage (ATR-QM) Rule. The first NPRM would extend the sunset date for a temporary category of qualified mortgages sometimes referred to as the temporary Government Sponsored Enterprise (GSE) qualified mortgage category or as the GSE Patch.
The second NPRM would amend the definition of a permanent category of qualified mortgages sometimes referred to as the general qualified mortgage category. It is available here. The Bureau has provided unofficial redlines illustrating the changes that the NPRMs would make to the ATR-QM Rule and a summary of the proposed changes.
AFSA is reviewing the NPRMs to determine next steps.
CFPB Issues Two NPRMs on Mortgage
Jun 24, 2020
The Consumer Financial Protection Bureau (CFPB) has issued two notices of proposed rulemaking (NPRMs) to amend the Ability to Repay/Qualified Mortgage (ATR-QM) Rule. The first NPRM would extend the sunset date for a temporary category … Read the rest
AFSA Submits Letter to FTC on Endorsement Guides
Jun 23, 2020
This week, AFSA submitted a comment letter to the Federal Trade Commission (FTC) in response to the agency’s request for comment regarding its guidance on advertising, referred to as the Endorsement Guides.
AFSA addressed the need… Read the rest
Class Action Threats Facing the Consumer Finance Industry in the Age of COVID
Jun 22, 2020
Join us on June 25 at 2:00 p.m. ET for Class Action Threats Facing the Consumer Finance Industry in the Age of COVID.
Please join California-based class action defense litigators Anna McLean, Jay Ramsey, Alex Moreno, and Abby Meyer of Sheppard… Read the rest
AFSA Supports Commission Format for CFPB
Jun 19, 2020
The American Financial Services Association (AFSA) yesterday (June 18) joined several other trade associations that represent a wide swath of the American economy in a letter to Sen. Deb Fischer (R-NE) supporting her bill (S. 3990) that … Read the rest
AFSA Statement on CA Assembly Adjournment Without Reconsideration AB 2501
Jun 18, 2020
Today the California Assembly adjourned without reconsidering the “COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020,” (AB 2501), which if approved would have required creditors to provide up to nine months of vehicle… Read the rest
CFPB Launches Pilot Advisory Opinion Program
Jun 18, 2020
The Consumer Financial Protection Bureau (CFPB) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations. In a July 2018 letter to the CFPB on guidance,… Read the rest
Auto Lending Economic Outlook & Optimization/Risk Mitigation Strategies for the Way Forward
Jun 17, 2020
Cox Automotive Chief Economist Jonathan Smoke returns on June 18 at 2:00 p.m. ET to keep lenders apprised of market conditions and financial predictions – particularly with off-lease inventory expected to surge and used retail to … Read the rest
TODAY | Virtually Huddle Up for Lunch & Learn on Post-Pandemic Business Strategies
Jun 15, 2020
Join senior leaders of the American Financial Services Association (AFSA) for AFSA Premier Partner Solutions by Text’s “Virtual Lunch and Learn Huddle Week” from June 15th through the 19th.
At 1:00 p.m. ET each day, Solutions… Read the rest
LISTEN | Auto Remote Sales Compliance
Jun 11, 2020
In this episode of the AFSA Extra Credit Podcast we talk with Eric Johnson, Partner with Hudson Cook LLP. As the American economy reopens, businesses are looking for ways to remain accessible to their consumers while prioritizing their safety… Read the rest
Remembering Ray Biggs
Jun 10, 2020
AFSA President & CEO Bill Himpler sent the below message to members yesterday afternoon remarking on the passing of Ray Biggs, who left an indelible mark on the consumer credit industry.
Members:
I am saddened to share the news that… Read the rest