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AFSA Suggests Changes to Financial Data Rulemaking
Jan 04, 2024
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 […]
CEO Roundtable | 2024 Vehicle Finance Conference & Expo
Jan 03, 2024
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 […]
Lies & Loans: What’s on the Vehicle Finance Fraud Horizon?
Dec 21, 2023
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 […]
AFSA & Trades: CFPB AO Not A-Okay
Dec 20, 2023
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 […]
AFSA Makes Publication Request
Dec 18, 2023
In November the California Third Court of Appeals issued an unpublished decision that affects the vehicle finance industry, Stettner v. Mercedes-Benz Financial Services USA, LLC. Unpublished opinions are prohibited from being cited by counsel in memoranda of law and are not binding on inferior courts.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 […]
Senators Introduce Anti-ILC Legislation
Dec 15, 2023
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 […]
Senator Reed’s Lump of Coal for Consumers
Dec 15, 2023
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 […]
Jay Powell Dons His Santa Hat
Dec 14, 2023
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 […]
Marginally Important House Events
Dec 14, 2023
Due to some surprising announcements and actions in the past few weeks, Congressional math will look different after the New Year. As Congress heads into 2024, an election year, here are the most recent changes to the House of Representatives makeup and what it might mean for the future. The House voted to expel Republican […]
FTC Releases Shopping Rule in Time for Holidays
Dec 13, 2023
The Federal Trade Commission (FTC) released a final rule related to vehicle shopping yesterday. AFSA and the Consumer Bankers Association (CBA) submitted a comment letter on the proposed rule in September 2022. We are pleased that a few of AFSA’s comments, mainly relating to the definition of “dealer,” were adopted in the final rule. At […]