AFSA Credit Online

AFSA members are among those participating in meetings of a Residential Mortgage Regulatory Task Force created by The Conference of State Banking Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) to reduce the complexity of the state-regulated mortgage lending industry and to improve the supervisory tools available to state mortgage regulators.
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The Illinois Department of Financial and Professional Regulation has delayed until early this summer the effective date of the predatory lending database pilot program.
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Although 2006 is a year when six states have no regular session and several states have a short legislative session, this has not precluded the introduction of several thousand measures relating to vehicle finance, mortgage lending, credit cards and installment loans.
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Hearing Held on Interchange Fees

The U.S. House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection held a February 15th hearing on "The Law and Economics of Interchange Fees." The hearing, chaired by Subcommittee Chairman Cliff Stearns (R-FL), examined the rates that merchants pay for access to the electronic payment infrastructure that the payment card networks and thousands of other financial institutions have built over the last fifty years.
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