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.

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.

AFSA members can now view the recording of “Understanding Digital Assets in the Automobile Finance Industry,” presented by OneSpan.

If it seems like conventional wisdom is predicting that the U.S. car market in the not-too- distant future will be dominated by autonomous vehicles, electric vehicles and ride-hailing services, a recent consumer study commissioned by the National Automobile Dealers Association (NADA) says otherwise.

AFSA submitted a comment letter on June 25 on the Bureau’s inherited regulations. As part of its “call for evidence,” the Bureau of Consumer Financial Protection sought comments and information to assist it in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal agencies. Under the acting director, the Bureau is critically examining its policies and practices to ensure they align with the Bureau’s statutory mandate.

On June 25, AFSA submitted a comment letter to the California Assembly Committee on Banking and Finance in opposition to Senate Bill 1235, which would create a new set of disclosures that commercial lenders would be required to provide borrowers at the time credit is initially offered. Though AFSA members primarily offer consumer credit, many member companies also provide financing to commercial entities, which includes regularly engaging with automobile dealers to provide them with floorplan lending necessary to enable these dealers to acquire their inventories of vehicles. The bill was scheduled for consideration at a hearing later that day.