AFSA Welcomes Jason Riley at Annual Meeting
Aug 21, 2019
The AFSA Annual Meeting is right around the corner, and we are pleased to announce that The Wall Street Journal‘s Jason Riley will be a keynote speaker to our attendees.
Delaware State Fund Highlights Importance of Financial Education
Aug 21, 2019
The Delaware Bank Commissioner this week will award $340,000 to schools, non-profits, and community organizations to fund financial literacy courses, according to a report from Delaware Public Media. The state last distributed financial-literacy grants, which are funded via revenue from a license fee on businesses that extend high-cost payday and car title loans dollars, in 2017.
Back to School with AFSA Webinars
Aug 19, 2019
As the summer winds down and kids head back to school, it's a great time to reengage on the issues and opportunities facing the consumer credit industry. AFSA webinars are a great way to jump back in and get informed. Complimentary to AFSA members, the AFSA webinar program allows industry experts to share timely, educational topics directly with AFSA members. The webinars are designed to provide information that will allow AFSA members to more effectively design, develop and implement strategies for their company's success.
Federal Housing Finance Agency Releases Credit Score Model Rule
Aug 16, 2019
On August 13, 2019 the Federal Housing Finance Agency (FHFA) released a final credit score rule for Fannie Mae and Freddie Mac (the GSEs). This rule implements requirement that were enacted as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The rule establishes the processes and standards that the GSEs will use in evaluating third-party credit scoring models. The evaluation of credit-score models will include the following four phases:
Policymakers move to protect servicemembers
Aug 15, 2019
The Consumer Financial Protection Bureau and the Arkansas attorney general’s recent settlement with Andrew Gamber and the three companies he owned and operated – Voyager Financial Group LLC, BAIC Inc. and SoBell Corp. – highlights the challenges military servicemembers and veterans face when seeking credit or financial services.
WSJ article outlines danger of debt “settlement” companies
Aug 15, 2019
Last week, The Wall Street Journal published an article (may be behind the paywall) entitled “That Offer to Make You Debt-Free? It Can Make You Worse Off.” The piece detailed the unethical practices that the debt-settlement industry uses to “get the consumer’s guard down.” These practices include offering a loan via pre-screened mailer without the intention of actually extending credit. The loan offers were used to entice consumers to sign up for a costly debt settlement program that would ultimately harm the consumer’s financial well-being.
AFSA SGA hits the road
Aug 14, 2019
Last week, AFSA State Government Affairs attended the American Association of Residential Mortgage Regulators (AARMR) 30th Annual Regulatory Conference in San Diego, California. The annual conference provides an opportunity for industry representatives to hear from regulators and discuss financial services issues at the state level. AARMR conference attendees include state and federal regulators and financial services licensees across industry types.
Get a Jumpstart on the Future of Lending
Aug 14, 2019
Join us on August 22 at 2 p.m. ET for Future of Lending: Innovations Driving Credit Decision, presented by Experian. Presenter Amy Graybill, VP, USIS Strategic Initiatives will walk attendees through advancements in data technology and how they can be used to make better credit decisions and increase profits.
Head back to school with AFSAU!
Aug 13, 2019
CFPB Releases Outcomes from Use of Alternative Data in Credit Underwriting
Aug 12, 2019
The Consumer Financial Protection Bureau (CFPB) has released information from its review of alternative data underwriting by Upstart Network, Inc. (Upstart). Upstart received a No-Action Letter from the CFPB in 2017 that allowed the company to engage in credit underwriting and pricing operations using alternative data and machine learning techniques, subject to oversight by the Bureau and adoption of a compliance plan. On August 6, 2019, the Bureau announced some of its findings from close observations of Upstart’s models in comparison to a hypothetical model that relied on traditional data and tools.