On Tuesday, October 5, AFSA’s State Government Affairs (SGA) team sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposed Debt Collection Licensing Act (DCLA) rules. Many AFSA member companies may be required to apply for licensure under the DCLA, and clear rules that take into account […]

Today, AFSA sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Mr. Chopra was confirmed as Director earlier this month. AFSA’s letter stresses the crucial role AFSA member companies play in the lives of ordinary Americans. It also speaks to the important work that the AFSA Education Foundation is doing in schools and communities […]

With increasing demands from regulators and growing complexity in operating a consumer finance company, a Chief Compliance Officer (CCO) in 2021 has a lot to manage. For this panel, moderated by AFSA’s VP of Compliance Education Philip Bohi, CCOs from a cross-section of member companies to share their perspectives on the current environment and how they […]

On Friday, October 1 AFSA’s State Government Affairs (SGA) team published their October White Paper covering credit repair organizations. Credit repair organizations claim to seek to improve a consumer’s credit score by having negative information removed from a consumer’s credit report. However, improving credit takes time and commitment to a repayment plan—there is no quick […]

Sponsored by Join us at the 2021 Annual Meeting in Washington, D.C., from October 24 through October 27, highlighted by our AFSA Leadership Roundtable Roundtable. Join AFSA President & CEO Bill Himpler, AFSA Chairman Tom Hudgins, and AFSA incoming Chairman Jim Drotman for a review of the year in consumer credit, as well as a discussion on the opportunities and […]

Today, the American Financial Services Association released a statement regarding the nomination of Saule Omarova to serve as the Comptroller of the Currency.  The nomination of Saule Omarova to serve as Comptroller of the Currency raises serious questions that must be addressed regarding her commitment to capitalism and competition as foundational principles of the American […]

Advancing technology, evolving regulations and a necessary shift to online transactions due to the pandemic has resulted in profound changes in the specialty finance industry. Many lenders have struggled to keep up with the digital demands of consumers. Others have grown their bottom-line and fostered a larger, more satisfied customer base. Businesses that have prioritized digital transformation […]

While we expect almost 300 AFSA Members and Business Partners to gather in Washington, D.C., we know that some Members and Business Partners are still operating with travel restrictions. To meet their needs, AFSA will offer a Digital Pass for our Annual Meeting, with live access to all General and Breakout sessions. WHAT YOU CAN EXPECT FROM DIGITAL ACCESS Get the key […]

October’s Featured Business Partner is Hudson Cook, LLP. We asked them a few questions about the state of play in Washington as we move into 2022. Learn more at hudsoncook.com. What recent developments at the federal regulators should be on the radar for the financial services industry? CFPB Despite the delay in confirmation of a […]

Yesterday, the Consumer Financial Protection Bureau released a report entitled, Data Point: Subprime Auto Loan Outcomes by Lender Type. The report compares the interest rates on subprime auto loans made by small and large Buy Here Pay Here (BHPH) companies, small and large finance companies, banks, and credit unions. Unsurprisingly, the report data shows that interest rates […]