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That's what industry representatives and industry regulators alike had to say about the 6th annual AFSA State Government Affairs Forum, as well as the joint meeting with the National Association of Consumer Credit Administrators (NACCA).
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Consumer education is the most effective way to deal with both excessive use of consumer debt and abusive lending, said Randy Lively, president and chief executive officer of AFSA in a hearing held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The hearing, which examined consumer perspectives on financial services issues, also looked at John Kerry's and John Edwards' plan to curtail lending abuses.
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Over the past two months, the FTC and banking agencies have continued to push through the massive regulatory rulemaking requirements under the FACT Act. Whether or not all of the rulemakings will be completed by the statutory deadlines remains anyone's guess.
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