Thomas B. Hallman is vice chairman of CIT Specialty Finance. His career spans over 30 years of financial services business experience. He has led national and international line organizations engaged in consumer and commercial lending and leasing. Prior to joining CIT in 1995, Hallman held senior management positions with Commercial Credit Corporation and First Nationwide Bank.

Hallman is the chairman of the Board of Directors of the CIT Bank, as well as a member of the Board of Directors of Dell Financial Services and Snap-On Credit. In addition to his involvement in AFSA, he is on the Board of the National Home Equity Mortgage Association (NHEMA) and on the Operating Committee of the New Jersey Business Force for Business Executives for National Security (BENS). Hallman has a Bachelor's degree from Towson University of Maryland and a Masters of Business Administration from the University of Baltimore.

Recently, Credit's editorial staff presented some questions to the AFSA chair, who has agreed to serve a two-year term. Here are his responses:

17. This is the first time in recent memory that a chairman has served for two consecutive terms. Are you looking forward to tackling another year?

1. Absolutely. Having spent the first year working through the initial phases of the strategic plan, getting to know the issues and our AFSA team, I now plan to use the second year to capitalize on that knowledge. I am now "uniquely qualified" and am looking forward to executing the remaining phases of the association's strategic plan.

17. What have been some of the more memorable experiences during your first year as chairman of AFSA? Are there any accomplishments that you are especially proud of?

1. From a new bankruptcy reform law to an important legal win in AFSA v. Oakland, AFSA and its members had an incredibly successful year. I'm also pleased that the association will not only meet — but exceed — its goals for the 2005 budget. This keeps AFSA on sound ground financially and helps ensure the necessary resources to represent members effectively next year.

   One of the more memorable experiences of my first term in office was to get to know all of the members of the AFSA management team. These meetings provided me with valuable insights into the significant capabilities of our AFSA team as well as industry issues and the opportunities that are within the grasp of our association.

17. You mentioned the new bankruptcy law, which goes into effect on October 17. Do you see this as a major milestone?

1. As a result of this law, the U.S. bankruptcy system will undergo the most significant changes seen in many years. In addition to reducing, if not eliminating, abusive bankruptcy filings, the new law contains new disclosure requirements and other pro-consumer provisions. The end result should be a more streamlined system that benefits creditors and debtors alike.

17. How do you think the aftermath of Hurricanes Katrina and Rita will affect the financial services industry?

1. These have been devastating events for the entire nation. For the financial services industry, the effects have been two fold. First, there are our customers in the Gulf Coast region. Based upon information compiled by AFSA, member companies have contributed over $56 million to disaster relief efforts — and that number is growing every week. Our companies also are working with customers in the Gulf Coast region to accommodate their needs and provide various types of assistance.

   In addition, the hurricanes disrupted operations for a number of companies with locations in the affected areas. Given the magnitude of the destruction, it will be awhile before we know the full effects on these businesses.

17. What challenges or issues do you see coming up next year for AFSA and its members? Could there be some surprises?

1. When it comes to legislation, surprises are always possible. Congress is now focused on recovery efforts following the hurricanes, so we're likely to see related legislative activity carry over into 2006. At the same time, it's safe to say that fair lending issues will continue for all sectors of the financial services industry. We'll also see more rulemakings for the Fair and Accurate Transactions (FACT) Act as well as rulemakings related to the new bankruptcy law.

   On top of everything happening at the federal level, the industry will undoubtedly see continued legislation, which could impact our members at the state level. As a result, I think that it will be a very active year for our AFSA team.

17. You've been a very involved and dedicated chairman. Why do you think AFSA is so important to the industry?

1. Through our association, we have a means to pull our membership together in a cohesive manner to deal with issues that face our industry. Our association is in a unique position to address the breadth and depths of these issues confronting our diverse membership. I believe this diversity strengthens us as an association and is what sets us apart. We have been able to tackle such complex matters as bankruptcy reform, overreaching state and city regulations, national standards, industry-wide education initiatives and a coordinated HMDA response. We also provide a differentiating platform for executives in a variety of financing sectors to come together and exchange ideas on how to meet the challenges our industry faces.

   I am proud of all the association's initiatives and want to thank everyone — including the AFSA Executive Committee, the AFSA Board and the Committees of Professional Interest — who have made it all happen. With the full support of its members, AFSA will continue to be well positioned to meet the legislative, regulatory and public affairs challenges ahead.