Welcome back! This week, both the House of Representatives and the Senate are in session following their holiday break. Below are some highlights from the first week back: The State of the Union Marches On … House Speaker Mike Johnson (R-LA) formally invited President Biden to deliver the State of the Union on March 7, […]

On January 2, AFSA’s State Government Affairs (SGA) team released its latest white paper. This month’s white paper provides a 2024 State Legislative Session preview and 2023 year-in review. In 2023, California and D.C. addressed AI-related legislation, potentially influencing other states in 2024. Privacy concerns led to a surge in bills, though comprehensive legislation is […]

Last week, in a letter to the Consumer Financial Protection Bureau, AFSA reiterated support for innovation in the financial services industry but cautioned against overly restrictive use limitations. The CFPB’s proposed rulemaking to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is the next step in a 7-year […]

Get the insights you need for 2024 and beyond from the industry leaders in the know at the capstone session of AFSA’s Vehicle Finance Conference & Expo: the CEO Roundtable. Be a part of 2024’s best vehicle-finance industry gathering, with engaging sessions that take deep dives into the topics top-of-mind for our industry. Sponsored by […]

From false documents, overstating income and phantom loans to synthetic identities and leveraging stolen data on the Dark Web, vehicle finance fraudsters are adapting and innovating as quickly as the technology and techniques used to trap them. Hear from experts on the frontlines who are combating the fast evolving fraud market and what you need […]

Earlier this week AFSA joined the Bank Policy Institute, the Consumer Bankers Association and the U.S. Chamber of Commerce in a letter to the Consumer Financial Protection Bureau (CFPB) raising concerns and requesting clarification on a recent Advisory Opinion (AO) released on October 11, 2023, regarding Section 1034(c) of the Dodd-Frank Act.  The letter raises […]

In November the California Third Court of Appeals issued an unpublished decision that affects the vehicle finance industry, Stettner v. Mercedes-Benz Financial Services USA, LLC. Unpublished opinions are prohibited from being cited by counsel in memoranda of law and are not binding on inferior courts. Last Friday Alston & Bird submitted a request for publication on […]

Today, AFSA wrote a letter to the Senate Banking Committee in opposition to the recently introduced the Close the Shadow Banking Loophole Act, which targets the ability of Industrial Loan Companies (ILCs) charted entities to exist in the financial service marketplace. Bipartisan Senators including Sherrod Brown (D-OH), Bob Casey (D-PA), Chris Van Hollen (D-MD), John […]

Sponsors in the U.S. Senate of the latest national rate cap bill apparently aren’t clear on the concept of holiday giving. The goal should be to give a gift, not take things away. Yet that is what Sen. Jack Reed’s “all-in” 36% APR cap legislation would do:  take away access to much needed credit for […]

Yesterday’s decision by the Federal Reserve to hold the short-term interest rate steady for the third consecutive meeting at a range of 5.25 to 5.5 percent came as no surprise. Indeed, financial markets had consistently in recent weeks put the odds of a continued pause at more than 99 percent. What was unexpected was a […]