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COVER STORY President Bush signs legislation on FCRA ending a year of intense efforts to retain national standards for the U.S. credit reporting system.
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GOVERNMENT/REGULATORY AFFAIRS
The scope of the Home Mortgage Disclosure Act (HMDA), as implemented by the Federal Reserve Board's Regulation C, has been revised in several areas. As a result, lenders that didn't report HMDA data in the past will now be required to do so, while lenders already reporting under HMDA must provide expanded information. All of the changes affect applications or loans where final action is taken on or after January 1, 2004.
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On Wednesday, November 5, 2003, a joint hearing of the House Financial Services Housing and Financial Institutions Subcommittees was held entitled "Protecting Homeowners: Preventing Abusive Lending While Preserving Access to Credit." The contentious issues of the hearing included both federal preemption and assignee liability.
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The "New Jersey Home Ownership Act of 2002" became effective on November 27, 2003.
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 The Oklahoma Home Ownership and Equity Protection Act strikes a sensible balance between protecting consumers and ensuring wide access to credit by avoiding the unintended consequences of laws seen in other states, Greg Williams, Executive Director of the Oklahoma Financial Services Association (OFSA), told Oklahoma legislators on November 20.
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INDUSTRY
UPDATE
National/World Headlines
Citigroup announced November 25th that it will acquire Washington Mutual Finance Corporation for $1.25 billion. Headquartered in Tampa, Florida, WMF is the consumer finance subsidiary of Washington Mutual, Inc. (NYSE: WM).
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New Century Financial Corporation announced November 19 that it expects to make 60 percent fewer loans upon the November 27 enactment of a New Jersey law.
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Fiscal Year 2003 saw the number of personal or non-business bankruptcies filed in federal court continue to increase, while business filings declined. Total bankruptcy filings remain at historic highs.
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Countrywide Home Loans, Inc. announced the creation of Paramount Mortgage, an operating division of Countrywide Mortgage Ventures, LLC on November 17. The joint venture between Countrywide and Prudential Residenz Realtors will enable home buyers and sellers to access a wide array of home financing programs, while simplifying the entire process of buying or selling a home.
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MEETINGS/CONFERENCES
 AFSA's 87th Annual Meeting & Leadership Conference, held in Washington, DC on October 25-28, drew together over 300 financial services executives for general sessions as well as for meetings of the association's committees of professional interest. The program included political couple James Carville and Mary Matalin; political analyst and author Larry Sabato; and leadership trainer Steven Wiley.
Photo Gallery
Above Left Photo: Pascale Petrie-Albert, General Vice President, Regional Sales with Trans Union meets with AFSA keynote speaker Brit Hume the Managing Editor & Chief Washington Correspondent with the Fox News Channel.
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Allan D. Gilmour, vice chairman, Ford Motor Company and Mike Jackson, chief executive officer of Auto Nation will speak at AFSA 8th Annual Auto Finance Conference & Exposition on January 28-30 at The Ritz-Carlton Hotel Lake Las Vegas in Henderson, Nevada.
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AFSA
NEWS
 Mark Barber of GE Capital Corp., Gary Flowers of ACS, Ben Hendrix of American General Finance and Randy Lively of AFSA were the recipients of this year's AFSA Distinguished Service Award, presented October 27 at the association's Annual Meeting and Leadership Conference held in Washington, D.C. Eight executives received the association's Merit Manager Ward and two received its Lifetime Achievement Award.
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AFSA gains two new Active member companies and three new Associate member companies.
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FOUNDATION
FOCUS
Holiday shoppers interested in common sense guidelines to help them manage their expenses over the next few weeks should take note of "Managing Your Holiday Spending," a free pamphlet available from the American Financial Services Association Education Foundation (AFSAEF).
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MoneySKILL, AFSAEF's reality based Internet curriculum designed to teach personal finance, is gaining exposure in various states.
More Details AFSA's three university-based management development programs ensure that high potential industry employees are provided with an opportunity to develop their management skills. Students who attend these programs highly rate the courses on their quality, value, and ability to address real world challenges in a classroom setting.
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The 21st Independents Conference & Exposition is scheduled for March 24-27, 2004 at the Renaissance Esmeralda Resort in Indian Wells, California.
