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.

Approximately 60 executives representing the leadership of the American Financial Services Association’s (AFSA) Vehicle Finance Division and the National Automobile Dealer Association’s (NADA) dealers and staff met this week in Washington, DC, to discuss ideas, issues and concerns for the U.S. automotive retail channel.

President Donald Trump this week nominated Kathleen “Kathy” Kraninger as the new Director of the Bureau of Consumer Financial Protection (BCFP).

On Tuesday, the American Financial Services Education Foundation (AFSAEF) launched the Spanish language version of its free online personal finance course, MoneySKILL®.

The myth of the subprime bubble in the auto lending industry was dispelled by a leading analyst today at a conference of consumer finance company executives and state regulators.

WoltersKluwer

AFSA will be making small changes to the website and association database from 2:00 – 3:00 p.m. ET today. As such, you may experience intermittent disruptions accessing AFSA resources.

We apologize for the inconvenience. If you have any questions, or require immediate assistance, please contact Sheilah Harrison at sharrison@afsamail.org.

In response to a request for information from the Bureau of Consumer Financial Protection on its external engagements, AFSA wrote that the Bureau should improve field hearings so that they provide more meaningful feedback, instead of functioning as well-attended and lengthy press conferences designed to justify a proposed rule.