CFPB Director to Appear Before HFSC Next Week
Mar 09, 2016
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will testify before the House Financial Services Committee (HFSC) next week, according to a press release from committee chairman Rep. Jeb Hensarling (R-TX).
The 20th Annual AFSA Vehicle Finance Conference and Exposition is shaping up to be one of the best yet! Registrations are already at record levels, meaning networking opportunities are better than they’ve ever been. Our expo hall is also completely sold out and bigger than last year – the expo is the perfect opportunity to see what products and services AFSA’s Business Partners are offering.
AFSA Members Tell Their Story on Capitol Hill
Feb 26, 2016
The 2016 edition of the American Financial Services Association (AFSA) Installment Lenders Summit brought traditional installment lenders from across the nation to Washington, DC on February 23-25. AFSA members met their congressional delegations to spread the word about the positive impact installment loans have on the American economy and in their communities. The summit kicked off with a keynote address from Rep. Andy Barr (R-KY) on Tuesday evening. The congressman, a member of the House Financial Services Committee (HFSC), touched on the important role access to affordable consumer credit plays in the lives of ordinary Americans.
Phillip Holt, senior vice president of Security Finance Company and current AFSA State Government Affairs Committee chairman, was named by Governor Greg Abbott to the Finance Commission of Texas on Feb. 22. The Finance Commission is responsible for overseeing and coordinating the Texas Department of Banking, the Department of Savings and Mortgage Lending, and the Office of the Consumer Credit Commissioner and serves as the primary point of accountability for ensuring that state depository and lending institutions function as a system, considering the broad scope of the financial services industry.
AFSA Comments on “Holder Rule”
Feb 19, 2016
On Feb. 12, the American Financial Services Association (AFSA) submitted a comment letter to the Federal Trade Commission (Commission) regarding the trade regulations rule concerning the preservation of consumers’ claims and defenses, commonly known as the “Holder Rule.” As the Commission wrote in the Federal Register notice asking for comment, “The Holder Rule protects consumers who enter into credit contracts with a seller of goods or services by preserving their right to assert claims and defenses against any holder of the contract, even if the original seller subsequently assigns the contract to a third-party creditor or assignee. It requires sellers that arrange for or offer credit to finance consumers' purchases to include … a [specific] Notice in their contracts.”
AFSA Asks for Vendor Access to DMDC Database
Feb 12, 2016
On Feb. 10, AFSA sent a letter to the Department of Defense (DoD) asking that Defense Manpower Data Center (DMDC) consider vendors as well as lenders when picking institutions with which to set up a direct connection for purposes of identifying borrowers covered by the Military Lending Act regulations. The DMDC is the central source for identifying, authenticating, authorizing, and providing information on personnel during and after their affiliation with the DoD.
In the February issue of the Scottsman Guide’s Residential Edition, AFSA Senior Vice President Danielle Fagre Arlowe penned an article on the negative impacts of state laws and court rulings that give homeowners associations (HOAs) assessment liens true priority over lenders’ mortgage liens.
On Tuesday, AFSA Senior Vice President Danielle Fagre Arlowe spoke with several different radio networks to promote the positive effect that traditional installment loans have on the lives of Americans nationwide. Many of the interviews were live-to-tape and will be used over the next several days in Colorado, South Dakota, as well as nationally to over 11 million listeners on a variety of networks.
Two recent reports underscore the importance of protecting and growing Americans’ access to quality, transparent, beneficial consumer credit options like traditional installment loans as opposed to potentially predatory credit schemes like payday, title, and cash advance loans.
On December 23, AFSA submitted a comment letter to the Vermont Department of Financial Regulation regarding proposed revisions to the disclosure form for negative equity in motor vehicle retail installment transactions. AFSA’s letter included a request for additional clarification on the disclosure of rebates, as well as a request to amend the regulation to limit its scope to vehicles designed for use on public highways. Finally, AFSA requested that any change to contract requirements include appropriate additional time for affected industry members to implement the required changes.AFSA will continue to monitor the rulemaking process and keep members apprised of any future changes to the proposed rule.