As the summer winds down and kids head back to school, it's a great time to reengage on the issues and opportunities facing the consumer credit industry. AFSA webinars are a great way to jump back in and get informed. Complimentary to AFSA members, the AFSA webinar program allows industry experts to share timely, educational topics directly with AFSA members. The webinars are designed to provide information that will allow AFSA members to more effectively design, develop and implement strategies for their company's success.

On August 13, 2019 the Federal Housing Finance Agency (FHFA) released a final credit score rule for Fannie Mae and Freddie Mac (the GSEs). This rule implements requirement that were enacted as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The rule establishes the processes and standards that the GSEs will use in evaluating third-party credit scoring models. The evaluation of credit-score models will include the following four phases:

The Consumer Financial Protection Bureau and the Arkansas attorney general’s recent settlement with Andrew Gamber and the three companies he owned and operated – Voyager Financial Group LLC, BAIC Inc. and SoBell Corp. – highlights the challenges military servicemembers and veterans face when seeking credit or financial services.

Last week, The Wall Street Journal published an article (may be behind the paywall) entitled “That Offer to Make You Debt-Free? It Can Make You Worse Off.” The piece detailed the unethical practices that the debt-settlement industry uses to “get the consumer’s guard down.” These practices include offering a loan via pre-screened mailer without the intention of actually extending credit. The loan offers were used to entice consumers to sign up for a costly debt settlement program that would ultimately harm the consumer’s financial well-being.

Last week, AFSA State Government Affairs attended the American Association of Residential Mortgage Regulators (AARMR) 30th Annual Regulatory Conference in San Diego, California. The annual conference provides an opportunity for industry representatives to hear from regulators and discuss financial services issues at the state level. AARMR conference attendees include state and federal regulators and financial services licensees across industry types.

Join us on August 22 at 2 p.m. ET for Future of Lending: Innovations Driving Credit Decision, presented by Experian. Presenter Amy Graybill, VP, USIS Strategic Initiatives will walk attendees through advancements in data technology and how they can be used to make better credit decisions and increase profits.

The Consumer Financial Protection Bureau (CFPB) has released information from its review of alternative data underwriting by Upstart Network, Inc. (Upstart). Upstart received a No-Action Letter from the CFPB in 2017 that allowed the company to engage in credit underwriting and pricing operations using alternative data and machine learning techniques, subject to oversight by the Bureau and adoption of a compliance plan. On August 6, 2019, the Bureau announced some of its findings from close observations of Upstart’s models in comparison to a hypothetical model that relied on traditional data and tools.

This week, AFSA’s State Government Affairs team attended the National Conference of State Legislatures (NCSL) meeting in Nashville, Tenn. With over 6,000 attendees, NCSL’s annual legislative summit is the largest gathering of state elected officials, legislative staff members, and government-affairs professionals. During the conference attendees discussed a wide range of issues on the state level and voted on a variety of policy directives and resolutions in committee meetings.

Become a Business Partner Member today and start generating leads and winning customers in the consumer-finance industry. Enjoy a single rate for 2019 and 2020, plus a bonus worth $1,300.