AFSA staff attended the Bureau of Consumer Financial Protection’s (BCFP) Building a Bridge to Credit Visibility Symposium on Sept. 17, the focus of which was using innovation to build economic opportunity.

The Bureau of Consumer Financial Protection (BCFP) this week posted a blog saying it is emphasizing growing its state and local government relationships, as part of its Strategic Plan and Objectives for this year.

Today’s financial institutions understand the power of artificial intelligence to drive profitability in their businesses. Many lenders employ data science teams who are experimenting with machine learning. But the challenge for many in-house modelers is getting machine learning models into production in a safe and responsible manner, consistent with regulatory requirements.

The Bureau of Consumer Financial Protection (BCFP) and four other federal agencies this week issued a joint statement explaining the role of supervisory guidance for regulated institutions, clarifying that guidance does not have the same effect as law.

Despite the announcement last week that U.S. auto sales through August are tracking at an annual rate of 17 million units by year-end, certain economic headwinds are possible which would affect both auto manufacturers and lenders in the future. The industry peaked in 2016 with a record 17.6 million new vehicle sales.

The American Financial Services Association (AFSA) today launched a new communications channel for AFSA members and prospective members. AFSA Today, is AFSA’s first-ever podcast focusing on a discussion of issues relevant to the consumer credit industry.

AFSA will host a webinar on September 7 about the recently-passed California Consumer Privacy Act of 2018 (AB 375/Chapter 55) and the new requirements for financial institutions doing business in the state. Although the requirements will not take effect until 2020, it is important for companies to consider how the significant changes will affect their relationships with customers.

Representatives from the Federal Reserve Banks of Kansas City and San Francisco discussed aspects of consumer complaint practices for banks on August 29. The webinar addressed how regulators use consumer complaints to gauge the adequacy of banks’ compliance risk management programs and to indicate potential areas for future regulatory attention. The speakers discussed how certain topics of consumer complaints carry additional pertinence than others, focusing on UDAP, allegations of lending discrimination, violations of federal consumer protection laws, bank errors, and Community Reinvestment Act complaints.

It’s the most wonderful time of the year…back to school!

“The American Financial Services Association (AFSA) supports the Senate Banking Committee’s approval of the nomination of Kathy Kraninger as the next Director of the Bureau of Consumer Financial Protection (BCFP) and is pleased to see her nomination advance out of Committee. We urge the full Senate to confirm her nomination,” said Chris Stinebert, President and CEO of AFSA.