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COVER STORY
 Lenders who are members of AFSA have contributed over $56 million to disaster relief efforts directed towards the victims of Hurricane Katrina, according to information collected in mid-October by the association. David Gibbons, Senior Executive Vice President, Chief Risk Officer for HSBC — North America, of HSBC represented the association at a hearing on hurricane relief held September 14 by a House Committee on Financial Services subcommittee. Gibbons said AFSA members are working with customers in the Gulf Coast region to accommodate their needs and provide various types of assistance.
Read Gibbons' full testimony
GOVERNMENT/REGULATORY AFFAIRS
 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 goes into effect on October 17th, bring sweeping changes to an overburden system while encouraging personal responsibility. In the wake of the massive devastation caused by Hurricane Katrina, some lawmakers have proposed changes to ensure the new bankruptcy law has the flexibility to provide adequate relief to the victims of Katrina and other natural disasters.
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AFSA's media statement
 The analysis, issued on September 13, concluded that "raw data alone can lead to inaccurate conclusions" and that "risk based pricing has greatly expanded the availability of home loans to borrowers." AFSA released a media statement that described the Federal Reserve's analysis as "sound and well reasoned."
Federal Reserve's analysis
AFSA's media statement
The House Financial Services Committee, the Senate Banking Committee and the Judiciary and Energy & Commerce Committees of both the House and Senate are among several Congressional committees examining the issue of data security breaches.
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INDUSTRY
UPDATE
National/World Headlines
The China Banking Regulatory Commission (CBRC) granted permission to DaimlerChrysler Financial Services to establish a financing company in China. The new company, DaimlerChrysler Auto Finance (China) Ltd., will be the first captive financing company in China to offer a broad product portfolio of dealer and customer financing, insurance services for passenger cars and financial services for commercial vehicles.
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The GAO has released a report entitled Industrial Loan Corporations, Recent Asset Growth and Commercial Interest Highlight Differences in Regulatory Authority. The report finds it "unusual that a limited ILC exemption would be the primary means for mixing banking and commerce on a broader scale." It also sees "merit in Congress more broadly considering the advantages and disadvantages of a greater mixing of banking and commerce."
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CIT Group Inc., a leading provider of commercial and consumer finance solutions, announced the appointment of J. Daryl MacLellan to the position of President, CIT Canada. Mr. MacLellan will be responsible for directing the continued expansion of the CIT financial offerings across multiple business lines as the company extends the full scope of its lending power, relationships and financial expertise in the growing Canadian market.
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The Citigroup Global Consumer Group announced a new organizational structure to leverage the strength of its global franchise, facilitate a more integrated approach to serving its customers and position the company to expand its record of superior financial performance. The organizational structure capitalizes on the deep bench of talent within the organization.
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Consumer Federation and Providian Financial release results of their annual survey.
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Option One Mortgage Corporation and Prado Mortgage announce the formation of a business partnership at the Hispanic Marketing Convention & Expo.
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DHI Computing Service, Inc. (DHI), a leading processor of agricultural, banking, and medical records, recently formed a new division, GOLDPoint Systems, to focus on industrial banks and consumer finance companies.
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MEETINGS/CONFERENCES
Registrations continue to come in as AFSA makes final preparations for the 89th Annual Meeting & Leadership Conference in Chicago taking place October 30-November 1, 2005. New sessions and speakers have been added to the schedule.
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 Held September 28-30, 2005 in Universal City, CA, the seventh annual AFSA State Government Relations Forum and the Administrators/Industry Program with the National Association of Consumer Credit Administrators (NACCA) have become "benchmark meetings of the year." At least, that is, for those interested in state legislative and regulatory issues and trends.
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 The 10th Vehicle Finance Conference and Exposition — held just prior to the NADA Convention in Orlando, FL — will offer overviews on industry issues, a dealer panel, a consumer study presented by Yankelovich, a technology update and sessions on many other issues.
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AFSA
NEWS
 Tom Hallman, vice chairman of CIT Specialty Finance, will serve a two-year term as AFSA chair. In an interview with Credit's editorial staff, he provides some thoughts on industry challenges, upcoming legislation and a number of other important topics.
More Details  a group of automotive industry leaders that have joined together to educate consumers about vehicle financing, offers the following tips to help consumers navigate the vehicle financing process.
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Drive Off Financial, High Performance Capital and Savon Financial join as Active Members while GE Corporate Finance comes on board as an Associate Member.
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FOUNDATION
FOCUS
 The brochures will be distributed at Salvation Army shelters throughout the state of Texas.
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During this past summer and early fall, the staff of the AFSA Education Foundation (AFSAEF) offered "how-to" MoneySKILLTM sessions to wide-ranging groups in several states, including West Virginia, Iowa, Kentucky, Illinois, Nevada and Utah.
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Baraboo High School (BHS) in Madison won the top award of $1,000 for having the most students of any school in Wisconsin complete MoneySKILL, the American Financial Services Association Education Foundation's innovative online personal finance course. Representatives from BHS accepted the prize from Harley-Davidson Financial Services, Inc., co-sponsor along with the Harley-Davidson Foundation of the tutorial, in Governor Jim Doyle's office on September 21.
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