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.
2015 DSA Award Video Now Available
Jan 05, 2016
AFSA created the Distinguished Service Award in 1941 to recognize individuals who have made a difference by contributing to the growth and advancement of the financial services industry and our association.The awards were given on Tuesday, October 6, 2015 at the AFSA Annual Meeting in Boston. The 2015 recipients were Steve Schmelzer, President & CEO of Personal Finance Company; Jim Sheeran, General Counsel with Tidewater Finance Company, and; Glen Twede, Vice President of Sales with GOLDPoint Systems. The ceremony is now available for viewing below and at AFSA's YouTube channel.
AFSA Launches New Website
Dec 10, 2015
Today, the American Financial Services Association (AFSA) is launching a completely redesigned website at afsaonline.org. The new website, designed in partnership with Engage Software headquartered in St. Louis, has a modern design and is constructed to be user friendly. AFSA's goal is to develop a site that will become the go-to source for consumer finance news, updates, and knowledge.
The Wall Street Journal’s editorial page writers and opinion columnists have never been shy about calling out mistakes of the government, businesses or individuals. The past several weeks, WSJ’s editorial page writers and Op-Ed columnists have blistered the Consumer Financial Protection Bureau’s (CFPB) “outrageous regulatory campaign in its March 2013 “bulletin” that effectively codified its policy against dealer discretion in setting interest rates. This Beltway directive never went through the normal rule-making process.”
House Financial Services Committee Cites AFSA Study in Report Critical of CFPB Methodology for Alleging Discrimination
Nov 24, 2015
The findings of the report, published by the Republican Staff of the House Committee, clearly show that the Bureau’s methodology to determine disparate impact and potential harm to protected classes is flawed and prone to overestimation. Further, the federal agency was aware of apparent discrepancies yet pushed forward with claims of discrimination, which resulted in enforcement actions forcing companies to pay millions of dollars in fines and penalties.