The American Financial Services Association yesterday submitted a comment letter to the National Highway Traffic Safety Administration (NHTSA) voicing its strong support for a final rule allowing state adoption of electronic odometer disclosure systems. Odometer disclosure statements are tied to vehicle sale and transfer documents. State regulations have in the past required “wet” (i.e. handwritten) signatures as a means of preventing odometer fraud. Now, state policymakers will have the opportunity to put in place more flexible rules that allow for an electronic signature.

The American Financial Services Association (AFSA) on yesterday announced that its Board of Directors elected a new chairman, chair-elect and vice chairman-treasurer for the next 12 months. The appointments were made at the close of the 2019 AFSA Annual Meeting in Nashville, Tenn.

In this episode of the AFSA Extra Credit Podcast, we speak to Rex Ellison, President & CEO of Republic Finance and Chairman of the AFSA Education Foundation.

AFSA last week commented on the Department of Housing and Urban Development’s (HUD) proposed rule amending its interpretation of the Fair Housing Act’s disparate impact standards. Specifically, HUDs proposed rule changes move to align the standard with the Supreme Court’s decision in Inclusive Communities.

Two consumer-credit industry executives were honored with the 2019 American Financial Services Association (AFSA) Distinguished Service Award (DSA) today at AFSA’s 2019 Annual Meeting in Nashville.

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The Financial Accounting Standards Board yesterday unanimously delayed implementation of the Current Expected Credit Loss accounting standard until 2023 for most financial institutions. Banks that file with the Securities and Exchange Commission, except those defined as “smaller reporting companies” will still have to convert to CECL on January 1, 2020. All other institutions will have until 2023 to convert.

For months, the American Financial Services Association and other financial-services industry partners have urged the Financial Accounting Standards Board (FASB) to delay implementation of the new Current Expected Credit Loss (CECL) standard until its potential effect is studied. The new standard would require financial institutions to reserve for the lifetime expected losses of a loan at origination. Now, the Center for Responsible Lending (CRL), a consumer advocacy organization, has indicated it agrees with those pressing for a delay.

On Tuesday, October 15, the American Financial Services Association submitted a comment letter on the Consumer Financial Protection Bureau (CFPB)’s Advanced Notice of Proposed Rulemaking amending the October 2015 final rule on the Home Mortgage Disclosure Act (HMDA), noting that the Bureau should reduce the number of data points financial institutions must collect and report.

The AFSA Annual Meeting is next week and this is our last program update! Are you joining us in Nashville? There's still time to register and hear from Michael Marx, Senior Director of Reasearch and Insights at Visa on creating products and services for the next generation of consumers.