The AFSA Education Foundation continues to enhance its premier offering – MoneySKILL – recently focusing on the middle school version of the curriculum. Each of the twelve modules now includes more questions, increasing from 5 or 6 per module to 10. And, like the high school version of MoneySKILL, the middle school version is now available in Spanish. Thousands of middle school teachers across the country use MoneySKILL and have been informed about these new enhancements

The Treasury Department issued a comprehensive report on Tuesday that provides policy recommendations relating to nonbank financial institutions, fintech and innovation. There are a few issues raised in the report that AFSA believes will be of particular interest to members because these issued have been discussed at recent meetings. Specifically, the Treasury Department recommends:

On Monday, AFSA sent a letter to Massachusetts Governor Charlie Baker opposing H.4806, a bill related to security breaches. As currently written, the bill would prohibit lenders to view consumer’s credit information in order to make pre-approved and pre-screened offers of credit, which lowers overall costs. AFSA urged Governor Baker not to sign the bill and instead propose amendments and return the bill to the legislature. Full text of the letter is available in the Comment Letters area of the AFSA website.

Auto finance companies can expect new light vehicle U.S. sales to maintain its 17- million unit pace for the remainder of 2018 and relative strength heading into 2019, according to an industry forecast.

AFSA sent a letter on July 17 to the Senate Committee on Banking, Housing, and Urban Affairs strongly supporting President Trump’s nomination of Kathy Kraninger for the Director of the Bureau of Consumer Financial Protection (BCFP) position.

So far in the first half of 2018, AFSA’s popular Webinar Series has hosted 10 webinars on a broad range of topics relevant to the consumer credit industry.

The American Financial Services Association (AFSA) typically does not comment on the business practices of individual members.However, in light of yesterday’s story about Mariner Finance in the Washington Post, we feel a response is needed. The beneficial nature of traditional installment loans was fully recognized by the federal government last October when the Bureau of Consumer Financial Protection (BCFP) exempted the industry from the final small dollar rule. Further, former BCFP Director Richard Cordray testified to the benefits of traditional installment lending before Congress in 2015. The BCFP sought to protect consumers from predatory, short-term lenders who entice borrowers into a cycle of debt with quick cash. Traditional installment loans are not this type of product.AFSA pointed this out to the Washington Post several weeks ago during the course of their research. AFSA will continue to work with members of Congress and the Administration to illustrate the value of traditional installment lending.See Mariner Finance’s statement on its website.

Corporate membership as a Business Partner is available to companies that provide products and services to consumer or commercial finance companies and banks.

While the auto finance industry made certain legislative and regulatory gains dating back to late last year on the federal level, it continues to be an industry regulated in all 50 states, relying on its compliance departments for expert guidance in navigating state rules and regulations.