On June 14, Texas Governor Greg Abbott signed HB 3510. Effective September 1, the new law will allow employees of companies licensed by the Texas Finance Commission—which include vehicle finance companies, traditional installment lenders, and mortgage lenders—to work remotely from licensed locations, provided certain requirements are met.   AFSA’s Work from Home initiative was pivotal to the success of this legislation, which is the […]

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that justifies its decision to resume its examination for Military Lending Act issues at regulated financial institutions. During the last administration, the CFPB stepped back from Military Lending Act examinations, as this law was not among the enumerated consumer financial protection laws that the CFPB was authorized to enforce when the […]

Join us on June 24 at 2:00 p.m. ET for Considerations for a Digital Decisioning Infrastructure, presented by FICO. Digital decisioning moves you to act — to take the next step before you know that step exists — by showing you the bigger picture of your business, your products, and your customers. In this webinar, our […]

To deliver a better user experience for all AFSA’s digital properties, we will begin upgrading Protech, its association management database, from July 12 through the 14th. The Protech system also controls Afsaonline.org login authentication – as a result there will be several areas of the AFSA website that will not be accessible during the maintenance […]

New data finds that 65 percent of personal loans to consumers with non-prime credit scores (less than 650 FICO score) in 2020 were made by consumer finance companies. This is more than double the number of loans issued to these borrowers by credit unions (22%) and traditional banks (13%). At the same time, banks and […]

AFSA’s featured Business Partner for June is FIS. We asked them a few questions about the value of their business partner membership and the issues they’re facing. Learn more at FISglobal.com.   What are your financial services clients telling you are their biggest challenges and opportunities for 2021? We’re in a unique period in the […]

This month, the House is scheduled to vote on a slate of financial services bills related to corporate governance, including political activities, climate risks, and employee pay disclosure. Below is a summary of the legislation, which we expect will pass. However, the future of these bills in the Senate is much less certain. H.R. 1187 […]

This is the first edition of AFSA’s State of Credit Series as Danielle Fagre Arlowe, Senior Vice President and head of the State Government Affairs team speaks with regulators from around the country. We’ll make our way through all 50 states getting to know the regulators that are part of our industry. In the inaugural […]

AFSA’s State Government Affairs Team recently published a white paper covering payday lending databases. The paper highlights state efforts to create databases of outstanding loans for payday lenders and the issues associated with these databases when extended to other forms of credit, including traditional installment loans.  Lawmakers across the country have turned to payday lending databases as a […]

On June 2, the Illinois Financial Services Association and AFSA jointly filed a lawsuit against the State of Illinois and the Illinois Department of Financial and Professional Regulation (DFPR) in the Circuit Court of Cook County over SB 1792 / Public Act 101-0658, the “Predatory Loan Prevention Act,” which took effect on March 23. Although the act’s stated purpose is to protect consumers, its provisions will leave Illinois consumers worse off by limiting the availability of safe and affordable forms […]