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CNBC's Ron Insana was the keynote speaker at this year's AFSA fixed-income conference, held May 15-17. The event attracted 350 executives, including more than 110 investors.
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GOVERNMENT/REGULATORY AFFAIRS
Trial Brief Submitted in Montgomery County Case
The brief, submitted June 2nd to the Circuit Court of Montgomery County, is AFSA's final document in support of its Complaint for Declaratory Judgment and Permanent Injunction to declare Montgomery County, Maryland Bill 36-04 invalid and prevent its enforcement by the county.
 Senior Vice President and General Counsel Robert McKew (2nd from right) was a panelist for Protecting Consumers in the New Mortgage Marketplace held May 24th in Washington, D.C. The workshop's purpose was to explore consumer protection issues arising from the emergence of "nontraditional" mortgage products in the United States residential marketplace.
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Press Release
Randy Lively's Testimony
In May, AFSA petitioned for a writ of certiorari in the Cingular Wireless v. Mendoza case. The principal issue is whether individual arbitration agreements are subject to "class action" arbitration, as permitted by the state of California.
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The mortgage industry could face billions of dollars of potential liability if paid-off loans are eligible for rescission under the Truth in Lending Act. That possibility motivated AFSA to file this brief (see link below). Such a staggering level of potential liability—for what are often technical infractions—appears to be sharply at odds with Congress's clear intent to limit damages under TILA to amounts that are proportional to the infraction.
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The Coalition to Implement the FACT Act, which includes AFSA among its members, submitted a comment letter to the Board of Governors of the Federal Reserve System pertaining to furnisher liability. The Coalition fears that inappropriate regulatory intervention may create compliance burdens.
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AFSA favors the data security bill that came out of the Financial Services Committee, as opposed to the Energy and Commerce bill. Both committees, though, are in discussions over which committee should have jurisdiction. In addition, the House Committee on the Judiciary introduced and passed through committee a bill that assigns criminal penalties to those who commit identity theft.
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Gregory Williams, AFSA Regional Director of State Government Affairs, testified by teleconference on April 28 before the Alaska Senate Finance Committee. His testimony focused on SB 272, a measure relating to mortgage lending activities and broker licensing.
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INDUSTRY
UPDATE
National/World Headlines
Representatives from World Acceptance Corporation, New Century Financial and AmeriCredit join the AFSA Board of Directors.
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The company announced that its operating subsidiary, AmeriCredit Financial Services, Inc., has completed its acquisition of Bay View Acceptance Corporation, which was the auto finance subsidiary of Bay View Capital Corporation.
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The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to statistics released May 26 by the Administrative Office of the U.S. Courts.
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GE Consumer Finance on May 30 announced a relationship with eBay Inc. and PayPal Inc. to launch the new PayPal® Plus Credit Card, a MasterCard credit card featuring a new rewards program exclusive for PayPal users.
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MEETINGS/CONFERENCES
 Former Speaker of the House Newt Gingrich (R-GA) will be the keynote speaker at AFSA's Annual Meeting and Leadership Conference scheduled for October 28-31, 2006 at The Ritz-Carlton Hotel, Washington, DC. The meeting's theme is "Leadership: Managing Change."
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Investors, analysts and other executives from ten countries attended this year's conference held April 26 and 27 in Amsterdam. The event included presentations by 19 finance companies and included time for interaction between investors and company representatives.
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Human Resources (HR) executives from AFSA member companies participated in this important forum that discussed recent federal court rulings as well as key regulatory developments that impact HR. Trends identified included the expansion of employer negligence standards and liability relating to identity theft, employee access of the Internet, and more.
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The program, scheduled for September 27-29 in Savannah, GA, will provide an in-depth update on important issues affecting the industry at the state and local level. For more information, please contact Kara Gouda, AFSA's manager of state legislative research, at kgouda@afsamail.org.
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 The event will be held at The Ritz-Carlton in Lake Las Vegas, Nevada, just prior to the National Automobile Dealers Association's (NADA) Convention scheduled for the Las Vegas Convention Center on February 3-6, 2007.
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AFSA
NEWS
Lively Addresses NFCC
 AFSA President and CEO Randy Lively was the keynote speaker for the National Foundation for Credit Counseling's spring meeting held May 23 in Washington, D.C. Among Lively's messages was that "technological advancements have not eliminated the counseling industry's underlying need to provide face-to-face personal attention to (the credit industry's) customers."
 Gregory Williams, AFSA Regional Director of State Government Affairs was a speaker at the 2006 User Group Conference hosted by Megasys, Inc. on May 18 and 19.
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FOUNDATION
FOCUS
 More than 60 organizations joined together to bring visibility and awareness to Capitol Hill staffers and members during the fourth annual Financial Literacy Day on Capitol Hill.
More DetailsEighteen participants from AFSA member companies attended a program held May 4-5 at University of North Carolina that helped develop their "executive presence" skills.
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 From the kick-off announcement in the Federal Reserve board room to an Associated Press story, the latest Jump$tart survey has garnered its share of media attention.
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As the 2005-2006 school year draws to a close, more than 950 high school teachers have registered to use this online interactive curriculum.
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Details As of May 31, 2006, a camera-ready article about "Understanding Credit Cards," an e-brochure prepared by the AFSA Education Foundation, has generated nearly 800 newspaper articles in 33 different states with a total readership of more than 33 million. The article offers tips from "Understanding Credit Cards," which can be downloaded from the foundation's Web site ( www.afsaef.org).
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Details On April 21, Federal Trade Commission (FTC) Chairman Deborah Platt Majoras and AFSA Education Foundation President and CEO Susie Irvine spoke about the importance of responsible credit card use and other personal finance basics. Their talks were targeted to teens and presented to seniors at Bell Multicultural High School in Washington, D.C.
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