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COVER STORY
 The American National Standards Institute (ANSI)'s electronic contracting standard for dealership vehicle financing, which was instigated by AFSA and completed last year, is now in its next phase: to ensure acceptance by the investment community. A large part of this involves coming up with standard terminology that will provide the basis for developing risk evaluation models needed by the market to analyze securitized pooled assets.
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GOVERNMENT/REGULATORY AFFAIRS
On June 10, Toledo's Court of Appeals issued its opinion for AFSA v. City of Toledo, reversing a lower court decision and ruling in favor of Toledo. Ultimately, it will be the Ohio Supreme Court that rules on the validity of municipal ordinances in the state after it hears arguments for AFSA v. City of Cleveland.
See AFSA's statement
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| Edward Gramlich
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Speaking June 3 to the National Association of Real Estate Editors, Federal Reserve Governor Edward Gramlich said that data collected under the Home Mortgage Disclosure Act (HMDA) will be used as a screen to identify any aspects of the higher-priced end of the mortgage market that warrant closer scrutiny.
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A Traiger & Hinckley LLP study of 2004 HMDA data from ten leading national mortgage lenders shows no meaningful differences by race, ethnicity, or sex in the pricing of first lien home purchase loans with reported rate spreads.
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The association will have an exhibition booth and host a dinner at the National Conference of State Legislatures' (NCSL) Annual Conference and Exposition taking place August 15-19 in Seattle, Washington. Up to 6,000 people are expected to attend this year's conference.
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S.925 was introduced April 27 by Senators Corzine, Akaka, Stabenow, Lautenberg and Baucus.
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The House Financial Services Committee approved legislation to overhaul regulations for the housing government-sponsored enterprises.
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INDUSTRY
UPDATE
National/World Headlines
Capital One Financial Corporation has placed oversized piggy banks around the nation's capital in honor of the launch of its "Stash Your Cash" financial education program with D.C. middle and junior high schools.
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CIT Small Business Lending Corporation announced that it entered into a marketing agreement with MBNA America to provide private-label credit card services to CIT Small Business Lending customers throughout the U.S.
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Citigroup announced that it has adopted the brand name CitiFinancial Auto for its auto finance subsidiaries Arcadia Financial, Ltd., TranSouth Financial Corporation and Auto One Acceptance Corporation.
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Nexstar provides mortgage outsourcing solutions to many of the nation's leading banks, credit unions, and other financial institutions.
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New Century Financial Corporation announced that Home123 Corporation, one of its wholly owned subsidiaries, will purchase certain assets of U.S.-based RBC Mortgage Company, a unit of Royal Bank of Canada.
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MEETINGS/CONFERENCES
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| Tom Hallman
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Bankruptcy reform, HMDA and new ANSI standards were among the topics covered by chairman Tom Hallman during his remarks at the 15th AFSA Finance Industry Investors Conference for Fixed-Income Investors held May 17-18 in Boston. Twenty companies presented at the meeting, which featured a new two-day format.
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Fourteen companies presented at the conference held April 26-27. DBRS, Fitch Ratings, Moody's and Standard & Poor's sponsored the event along with 17 companies from the capital markets.
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AFSA will host the 2005 State Government Relations Forum at the Hilton Universal City/Los Angeles Hotel in Universal City, California on September 28-30, 2005.
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The AFSA Annual Meeting & Leadership Conference is scheduled for October 29-November 1 at The Fairmont Hotel in Chicago, Illinois.
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AFSA's tenth Vehicle Finance Conference and Exposition, sponsored by the association's Vehicle Finance Division and the AFSA Education Foundation, is scheduled for February 8-9, 2006 at Walt Disney's Yacht Club Resort in Lake Buena Vista, Florida.
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AFSA
NEWS
Gregory K. Merryman is GMAC Financial Services' new representative on the AFSA Board of Directors. He replaces Carol Knorr, who recently retired from the company.
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| Marty Bowie
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The AFSA Marketing Committee has a new chair: Marty Bowie, Marketing Manager for Security Finance Corporation of Spartanburg, South Carolina. Dan Barnett of HSBC and Steve Hess of Centex Home Equity are the committee's co-vice chairs.
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The Mortgage Lending Division Advisory Board met April 11 at AFSA's 22nd Independent's Conference and Exposition in Las Vegas, Nevada. Discussion topics included the Home Mortgage Disclosure Act (HMDA), the Ney-Kanjorski bill and voluntary best practices.
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Fifteen companies join as active members while one comes on board as a new associate member.
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Nearly 20 Human Resources executives from national and independent companies attended the AFSA HR Committee's forum held May 4-5, 2005 at The Fairmont Hotel in Kansas City, MO.
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FOUNDATION
FOCUS
AFSA Independents Section Raises $20,000 to Benefit MoneySKILL
The Independents Section raised funds in a Golf Hole Sponsorship and a Silent Auction held in April at the '05 Independents Conference and Exposition in Las Vegas.
MoneySKILL Teacher
Registrations Keep Rising
More than 230 teachers registered in April alone, primarily because of the Wisconsin Department of Financial Institutions' direct mailing to teachers promoting financial literacy in the classroom. Wisconsin teachers receive a $100 award if they have at least 20 students completing MoneySKILL — the school with the most students to complete the MoneySKILL curriculum will receive $1,000.
Irvine Joins Signing of Financial Literacy Legislation in South Carolina
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| Mark Sanford
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On May 4, South Carolina Governor Mark Sanford signed HB 3020, the Financial Literacy Act of 2005, which provides for the development or adoption of a curriculum for local school boards to teach financial literacy, and provides for the establishment of a fund to receive public and private contributions for financial literacy instruction. AFSAEF president and chief executive officer Susie Irvine was present for the bill's signing, which took place at the state capital building in Columbia.
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