This week, the Office of the Comptroller of the Currency (OCC) finalized the “true lender” rule. At issue is partnerships between third-party nonbanks and federal savings associations or national banks which have led to loans being underwritten at interest rates exceeding other states’ rate caps. Consumer groups have been critical of these partnerships, citing that […]

The featured Business Partner for November is GOLDPoint Systems, which offers one of the most complete Loan Management Software Systems in the Direct and Indirect market, covering the complete loan life cycle. We asked them a few questions about their business and what they’re seeing in the economy. What is the most important issue facing […]

For the first time in the Fair Debt Collection Practices Act’s (FDCPA) 40-plus-year history, a regulatory agency has issued rules under the statute.   The new rulemaking, issued by the Consumer Financial Protection Bureau (CFPB), focuses on debt collection communications, and it is intended to give consumers more control over how often and through what means debt collectors communicate with them regarding their debts.   […]

AFSA’s State Government Affairs (SGA) team recently sent a letter to the California Department of Business Oversight (DBO)—now renamed the Department of Financial Protection and Innovation—to provide comments on the department’s recently proposed rules for commercial financing disclosures. The rules implement a law enacted by the legislature in 2018 that created significant new disclosure requirements for commercial […]

AFSA’s State Government Affairs (SGA) team recently published model legislation that would permanently authorize employees of licensed entities to work from home without the need of a branch license. Since the start of the COVID-19 pandemic, 44 states and the District of Columbia have provided guidance allowing employees of licensees to work remotely without the […]

Join us on TODAY at 2:00 p.m. ET for Navigating the Road to Recovery: Proven Delinquency Risk Management Tools, presented by SWBC. For auto finance companies, delinquency is a common challenge. Experts anticipate delinquency levels could rise to levels not seen since the Great Recession. How can your financial organization get ahead of the curve and […]

This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on the economic impact of the Credit Card Accountability and Disclosure (CARD) Act and the agency’s review of the consumer credit market. AFSA specifically addressed the current relevance of the CARD Act (enacted in 2009) […]

The 2020 AFSA Annual Meeting & Independents Conference & Expo was packed with information and informative sessions. Did your kid run in during Cal Ripken’s session? Maybe the delivery guy showed up. Or maybe you just got sidetracked with some other work. It’s easy to see why you may want to go back and take […]

The American Financial Services Association’s Women’s Leadership Council (WLC) kicked off its Fall meeting with Rochelle McClanahan, Chair, and Chief Financial Officer & Compliance Officer of Brundage Management / Sun Loan. Rochelle welcomed the council and thanked the WLC’s generous sponsor, Hudson Cook for the meeting, speakers, and wine gift baskets. Rochelle introduced WLC’s first […]

AFSA is pleased to announce that the Women’s Forum communities page is now live and ready for you to join! The Women’s Forum is a place to interact, network, and share best practices with other women in the consumer credit industry. All members are welcome to participate. A note that the Women’s Leadership Council is […]