This week, AFSA’s State Government Affairs Team published their white paper on state payday lending databases. Many states have passed laws requiring payday lenders to submit information about their customers to a database system. Some states have sought to expand this database requirement to traditional installment lenders, which is unnecessary given the already-thorough regulatory environment in which they operate. The white paper takes a deep dive into the history of payday lending database legislation and the negative effects of expanding them to traditional installment lenders. This month’s white paper, as well as SGA’s previous white papers, is also available under the State Resources section of AFSA’s website.
AFSA Webinar Today! Repo on the Rise: 3 things for motor vehicle lenders to consider today
May 30, 2019
Join us today at 2 p.m. ET for Repo on the Rise: 3 things for motor vehicle lenders to consider today.
The Impact of Consumers in the Auto Space
May 30, 2019
Consumer preference trends are having a significant impact on the auto industry. Manufacturers are adapting to these preferences while also making vehicles that are more durable as well as preparing for environmental regulations. These trends transcend the market, present opportunities and challenges for lenders and the market at-large. Industry experts will unpack these complexities at the 2019 Summit for Fixed Income Investors at the Westin New York at Times Square on June 13, 2019.
AFSA Discusses Call Blocking with FCC
May 28, 2019
AFSA joined with other trades in meetings at the Federal Communications Commission (FCC) over the last several days to discuss the call blocking declaratory ruling and notice of proposed rulemaking (NPRM) that will be voted on June 6.
When two things are closely related, we tend to trick ourselves into thinking the two are interchangeable. Wash your hands and you won’t get sick. Smile often and people will like you. Pass your PCI Compliance audit and your customers’ data is safe.
AFSA Submits Letter to OMB on CFPB Policies
May 27, 2019
AFSA on May 23 submitted a letter to the Office of Management & Budget (OMB) commenting on the joint standards for assessing diversity policies and practices. The letter specifically addresses the Consumer Financial Protection Bureau’s (CFPB) approval to revise an existing information collection entitled, “Joint Standards for Assessing the Diversity Policies and Practices.” This notice also included a lengthy voluntary diversity self-assessment form.
In Washington it’s not uncommon to have policy proposals that lack common sense. The same can be said for well-intentioned policies that create adverse, unintended consequences. It’s less common that a single proposal achieves both. But that’s what has happened with a congressional proposal that would cap consumer loan interest rates at 15 percent and allow the U.S. Postal Service to enter the consumer-loan business.
AFSA yesterday submitted a comment letter to House Financial Services Committee Chairwoman Maxine Waters (D-MO) and Ranking Member Patrick McHenry (R-NC) in advance of today's hearing entitled Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions. The hearing will deal with the Current Expected Credit Loss (CECL) standard and the letter expresses the association's concerns with the rule.
AFSA yesterday submitted a letter to House Committee on Oversight and Government Reform Chairman Elijah Cummings (D-MD) and Ranking Member Jim Jordan (R-OH) in advance of a hearing entitled CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule.
When companies develop marketing strategies for brand and product awareness they will need to consider many forms of media to carry their messages.