Join us on Tuesday, May 22, 2018 at 2:00 p.m. ET for Industry Trends in Cash Payments & Hispanic Market Insights, presented by PayNearMe. Registration for AFSA members is open now.

Well-regarded futurist and author Shawn DuBravac, PhD, addressed the consumer credit industry’s outlook with respect to digital technology’s impact on business models, customers and employees last month at AFSA’s 35th annual Independents Conference & Expo in Fort Lauderdale, Fla.

WASHINGTON, May 8, 2018 – Today, the House of Representatives approved S.J. Res. 57 by a 234-175 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013 vehicle finance guidance. The Senate passed the same proposal April 18. The next and final step in the process is President Trump signing the resolution. “This vote indicates that American consumers have spoken to their elected representatives to say they want competitive pricing on vehicle loans,” said Chris Stinebert, President & CEO of the American Financial Services Association, a trade association representing vehicle finance lenders. “We are an industry that competes for consumers’ trust as well as their business while helping them acquire vehicles that support their transportation needs.” The CFPB’s vehicle finance lending policy, issued through guidance, directed fundamental market changes to the industry, which was already regulated by other federal agencies and state laws and regulations. The guidance was issued without any public comment, consultation with other federal agencies or transparency.

AFSA submitted a comment letter today in response to the Bureau of Consumer Financial Protection’s request for information on the rules of practice for adjudication proceedings. Administrative adjudication proceedings are formal adversarial proceedings conducted by an administrative law judge, who issues a recommended decision to the CFPB director.

Join AFSA on Tuesday, May 15 at 2 p.m. ET for Bottom Up Compliance Technology presented by defi SOLUTIONS.

The Bureau of Consumer Financial Protection issued a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The Bureau published in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. These RFIs provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.

AFSA Staff

Patrick St. Charles, III, President & CEO of Chattanooga, Tennessee-based Citizens Savings & Loan Corporation, received the Outstanding Independent Award last week during the American Financial Services Association’s (AFSA) 2018 Independents Conference & Exposition in Ft. Lauderdale, Fla.

The world of collections is constantly evolving, with disruptions in the market happening by the day. Driven by advances in everything from payment apps to eCommerce experiences, consumers today are accustomed to paying for goods and services using their favorite methods, simply and securely.

Several years ago, Brad Parscale found himself faced with the biggest challenge of his marketing and advertising career: get Donald Trump elected president.