AFSA Credit Online

AFSA, Other Trade Groups Visit New Orleans
to Learn About Rebuilding Efforts

Bill Himpler, AFSA's senior vice president for government affairs, was among a delegation of 65 representatives from financial service trade associations, member companies and the federal government who embarked December 5 on a fact-finding trip to New Orleans to witness hurricane devastation first hand.
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Panel Will Not Mark Up Data-Security Bill Until Next Year

Citing a lack of consensus, House Financial Services Financial Institutions Subcommittee Chairman Spencer Bachus (R-AL) said his panel will wait until next year to mark up H.R. 3997, the Financial Data Protection Act of 2005. Panel members stood at odds over whether to preempt existing state laws on notifying consumers of data breaches that could jeopardize personal information.
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Flood Insurance Bill Passes
House Financial Services Committee

Chairman Michael Oxley and Ranking Member Barney Frank introduced H.R. 4320, the National Flood Insurance Program Commitment to Policy Holders and Reform Act of 2005, on November 15. The Committee approved H.R. 4320 by voice vote, and it now awaits a vote on the full House floor.

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TRIA Extension Goes to House-Senate Conference

Financial industry leaders are pushing for an immediate House-Senate conference agreement on legislation that would extend the 2002 Terrorism Risk Insurance Act (TRIA), while other groups expressed concern about extending it.
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Texas Voters Approve Reverse Mortgage Lines of Credit

Voters in Texas on November 8th approved a constitutional amendment that would allow lines of credit to be extended in reverse mortgages. The constitution previously allowed reverse mortgage loans to be secured by homestead property but did not provide for lines of credit.
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