Digital technology and fintech innovation in the auto lending space are enabling direct lending to become more popular among car buyers, said, representatives of direct lending companies at the Auto Finance Innovation conference, this week.

Auto Finance professionals from the United States, Canada and Australia are attending the third annual Auto Finance Innovation Conference this week featuring presentations and panel discussions focusing on the disruptive, but necessary, influence technology is having on the industry.

Yu-Kai Chou sees the world very differently from the rest of us. But similar to all of us, he thought about what his typical day was like and realized it was divided into two parts: what he had to do (work) and what he wanted to do (play).

The AFSA Board of Directors has unanimously approved the election of Gary McQuain to the AFSA Board of Directors. He is replacing Bob Bloom on the Board. Bob will remain on the Executive Committee until September 30, 2018.

On February 28, AFSA submitted a comment letter to the New York City Department of Consumer Affairs regarding the Department’s proposed rulesfor secondhand auto dealers. The proposed rules would implement Local Laws 197 and 198 of 2017, which passed the City Council in September. The laws and proposed rules set certain requirements for secondhand auto dealers in the city, including disclosure of car buyer’s bill of rights. In addition to disclosure of the contract APR, there is a requirement to disclose the lowest APR offered to a buyer by any finance company for a loan with same term and down payment and the APR offered to a buyer by the selected finance company. AFSA’s letter urged the Department to reconsider its proposed disclosure form and pointed out that the disclosure of up to three different APRs may confuse consumers. The letter also noted that the Federal Reserve Board previously considered and specifically decided against requiring a similar disclosure of fees for dealer participation due to the minimal consumer benefit.

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), sent a letter to Sen. Elizabeth Warren (D-Mass.) defending himself against accusations that the bureau's actions on payday lending curbs under his watch have to do with campaign donations received from the industry. “I reject your insinuation — repeated three times in as many pages — that my actions as acting Director are based on considerations other than a careful examination of the law and facts particular to any matter,” Mulvaney wrote, referring to an earlier letter from Warren to the agency's interim chief.

Philip Bohi, VP Compliance Education

Some state examiners feel that multi-state exams are a more efficient process today than they were several years ago. The question is: are they better for industry? Some say worse; others say better. But all agree, there are still some drawbacks such as the lack of uniformity or examiners not requesting the same material from state to state.

As an industry, we understand the importance of personal financial education and, yet, we know there is opportunity to do so much more. To that end, the AFSA Education Foundation Board is committed to ensuring that it is easy and impactful for AFSA members to use its comprehensive, online personal finance course, MoneySKILL®, to support your organization’s financial education, corporate responsibility, and community investment goals.

AFSA is pleased to announce its newly enhanced Online Industry Buyer’s Guide that is prominently displayed on AFSA’s Homepage. The Guide provides contact information and identifies the products and services provided by AFSA’s 195 Business Partners, including 64 Premier Partners.