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COVER STORY The meeting took place May 6-8, 2003 at the Hyatt Regency McCormick Place in Chicago, Ill.
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Jamie Dimon, chairman and CEO of
Bank One Corporation, delivers the
keynote address during AFSA's
Finance Industry Investors Conference
held this year in Chicago.
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Ray Biggs, who is also president and COO of Security Finance Corporation, was among the speakers for the 13th annual U.S. Finance Industry Conference for Fixed-Income Investors held in May.
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GOVERNMENT/REGULATORY AFFAIRS
Oklahoma Governor Signs Mortgage Lending Bill
Oklahoma Governor Brad Henry signed into law H.B. 1574, the Oklahoma Home Ownership and Equity Protection Act, on May 29. Supported by the Oklahoma Financial Services Association, the bill provides additional disclosure information about high-rate loans, and additional limitations on prepayment penalties and requires that refinancing be in the best interest of the borrowers. Officials of an anti-poverty group in Tulsa, who said it legalized "predatory lending," opposed the bill.
Financial institutions trying to comply with new requirements under the USA PATRIOT Act finally have some legal guidance as a result of a recent rulemaking from the U.S. Treasury Department. The rulemaking permits financial institutions to share information with each other for counter-terrorist or anti-money laundering purposes without risk of liability, and it immunizes a financial institution that divulges information to the government against all possible harm that could arise out of that information-sharing.
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INDUSTRY
UPDATE
National/World Headlines
A recently released Federal Reserve study on home foreclosures suggest that borrowers in states with defaulter-friendly laws face a reduced supply of mortgage credit.
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In a move to provide consumers with another tool in the fight against identity fraud, Consumer Data Industry Association (CDIA) members, which include some of the nation's credit reporting companies, announced that they had simplified the way victims notify them about the crime. In a separate announcement, CDIA said it had hired a new director of government affairs.
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AFSA
NEWS
Young Receives Appreciation Award  Dennis Young, executive vice president and chief financial officer of Wells Fargo Financial, received an AFSA Appreciation Award on May 6th during the association's 2003 U.S. Industry Investor Conference. AFSA chairman Ray Biggs presented the award to Young who, along with the late Gene Girard, convinced AFSA to begin sponsoring the conference 13 years ago. Since then, the event has become one of AFSA's largest conferences, attracting close to 500 executives each year.
AFSA Welcomes Seven New Members
 Held at the Paul Rizzo Conference Center, human resource executives had the opportunity to address specific issues of concern in an open roundtable environment.
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FOUNDATION
FOCUS
"MoneySkill" Showcased
AFSAEF's soon-to-be-released Internet curriculum to teach personal finance to high school students, was showcased at the J.P. Morgan Chase Foundation Financial Literacy Exhibition held May 1st in New York City. The curriculum, called MoneySkill, is now being beta tested in high schools nationally. For the past three years, the J.P. Morgan Chase Foundation has made an annual commitment of $1 million to help youth, adults, families and people with disabilities understand the basics of personal finance.
 In light of recent tornadoes that have hit the Oklahoma area, the AFSA Education Foundation sent a news release to the Oklahoma media offering residents the brochure, "When Natural Disasters Strikes. More Details
 Auto dealers nationwide account for the vast majority of the orders for "Understanding Vehicle Financing," released in February 2003 by the AFSA Education Foundation, the National Automobile Dealers Association (NADA) and the Federal Trade Commission. The brochure explains dealership financing and can serve as a guide for consumers to evaluate their own financial situation before financing a new or used vehicle.
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AFSA will host its 2003 State Government Relations (SGR) Forum at The Embassy Suites Hotel in Phoenix, Arizona on September 3-5, in conjunction with the National Association of Consumer Credit Administrators (NACCA) annual meeting. Scheduled speakers include Supreme Court Justice, Sandra Day O'Connor and author James Gilleran, director of the Office of Thrift Supervision.
