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COVER STORY
 Among the topics to be covered are: fair lending legislation; the Home Mortgage Disclosure Act (HMDA); new credit reporting issues; identity theft and security breaches; mandatory arbitration clauses and licensing issues.
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GOVERNMENT/REGULATORY AFFAIRS
 AFSA staff, along with AFSA member companies and other trade associations, worked with committee leadership to ensure that vicarious liability relief language was retained in the final version of the Transportation Equity Act signed by President Bush on August 10.
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Paul Kanjorski
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Bob Ney
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AFSA plans to endorse the New Responsible Lending Act of 2005 — the bill that best embodies the concept of a uniform national standard — provided that a number of concerns with the proposed bill are addressed. The bill's cosponsors are Representatives Bob Ney (R-OH) and Paul Kanjorski (D-PA).
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With recent front page stories of data breaches, a number of lawmakers have introduced data security bills that have been referred to various congressional committees.
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The Senate Committee on Banking, Housing and Urban Affairs recently passed S.190, the Federal Housing Enterprise Regulatory Reform Act of 2005, on a party line vote.
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Governor
Rod Blagojevich
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Homebuyers in selected zip codes of Illinois will be required to turn over all their financial, personal and loan data to the state for a mandatory review before they will be allowed to buy a home. This review was mandated by a new law recently signed by Governor Rod Blagojevich.
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New Video Covers "Three Basics for a Bright Financial Future"
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INDUSTRY
UPDATE
National/World Headlines
The all-cash transaction values Metris at US $1.594 billion. When the agreement is complete, Metris will become a wholly-owned subsidiary of HSBC Finance.
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Under the agreement, Popular, Inc. will acquire 100% of the issued and outstanding shares of common stock and common stock equivalents of E-LOAN, Inc. for $4.25 per share in cash, or approximately $300 million.
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The joint MoneyWi$e financial literacy partnership will award stipends totaling $75,000 to community groups in 10 states.
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CIT Awarded Asset Finance Lender of the Year
CIT Group Inc. has been awarded the Asset Finance Lender of the Year Award 2005 for its Pan European approach to Credit Management. The award was announced at the Credit Today Awards, which took place in London. Working with Experian-Scorex, CIT implemented a centralized application processing system with multiple bureau links and scorecards, catering to commercial business-to-business and personal finance applications across Europe.
The Retail Sales Finance unit of GE Consumer Finance announced that it has signed a five-year agreement with Carvin Music to provide private label credit card services to its customers. In addition, the GE Retail Sales Finance unit, based in Kettering, OH will provide private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries.
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Wells Fargo & Company is rolling out its latest best-in-class online offering for managing personal and business finances—account alerts. These free, convenient alerts are delivered to customers' e-mail addresses, providing personalized information that can help them stay on top of recent account activity, thereby helping to detect and prevent fraud.
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The Federal Reserve Board has approved the proposed acquisition of Hibernia Corporation by Capital One Financial of McLean, Virginia. The proposal, submitted by Capital One earlier in 2005, includes Hibernia National Bank, a subsidiary. Both are located in New Orleans.
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MEETINGS/CONFERENCES
The meeting, to be held at the Fairmont Hotel in Chicago, IL, features a number of top-notch speakers.
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| Tom Hallman |
John Kasich |
William
Dunkelberg |
Dan McGinn |
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Planning has already begun for the Tenth Annual Vehicle Finance Conference and Exposition. AFSA will host the conference, which will precede the NADA Convention in Orlando on February 8 and 9. The 2006 conference should prove to be the largest ever, attracting more exhibitors and more attendees. Mark your calendar! Then, plan to join us at the Walt Disney Yacht Club Resort. Look for a schedule of events and registration later this fall.
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The conference is set for March 29 through April 1, 2005 at The Westin La Cantera Resort in San Antonio, TX.
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AFSA
NEWS
Read an overview of the Association's many achievements over the last year and a half.
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Tidalwave Finance Company and CIG Financial join as active members while Fortress Credit Corporation, Global Financial Logistics Group and Liberty Point Corporation are the newest associate members.
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The St. Regis Hotel in Washington, DC provided the backdrop for this year's summer AFSA Accounting Committee meeting. Leslie Seidman, Financial Accounting Standards Board (FASB) Board Member, highlighted this end-of-July session for more than 20 members of the committee who attended.
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 On July 30, 2005, the AFSA Independents Section Advisory Board met in San Diego to review its goals and develop a Plan of Work for the coming year.
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FOUNDATION
FOCUS
The 2005 program was, in a word, "phenomenal," said Apollo Corona of World Acceptance Corporation.
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Regency Finance Company's Judy Radish provides an overview of the 2005 program.
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Jody Gunderman of Harley-Davidson Financial Services had this to say about the program.
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