CFPB Issues Two NPRMs on Mortgage June 24, 2020

The Consumer Financial Protection Bureau (CFPB) has issued two notices of proposed rulemaking (NPRMs) to amend the Ability to Repay/Qualified Mortgage (ATR-QM) Rule. The first NPRM would extend the sunset date for a temporary category of qualified mortgages sometimes referred to as the temporary Government Sponsored Enterprise (GSE) qualified mortgage category or as the GSE Patch.  

AFSA Submits Letter to FTC on Endorsement Guides June 23, 2020

This week, AFSA submitted a comment letter to the Federal Trade Commission (FTC) in response to the agency’s request for comment regarding its guidance on advertising, referred to as the Endorsement Guides. 

AFSA Supports Commission Format for CFPB June 19, 2020

The American Financial Services Association (AFSA) today (June 18) joined several other trade associations that represent a wide swath of the American economy in a letter to Sen. Deb Fischer (R-NE) supporting her bill (S. 3990) that would transform the Consumer Financial Protection Bureau (CFPB) leadership structure. The bill would replace the existing single director with a five-member, bipartisan commission.  “The financial services marketplace thrives in a stable regulatory environment,” the signatories wrote. “When regulatory stability is eroded by changing political dynamics, the consumer suffers from financial institutions’ inability to rely upon a consistent regulatory environment.” AFSA has long sought a commission structure at the Bureau to bring fair and consistent oversight of the financial services industry, in the same manner as other federal regulatory bodies operate.  “Members from both parties have long supported legislation to replace the single director model with a commission,” the letter continued. “In fact, bipartisan legislation establishing a CFPB commission has passed the House Financial Services Committee six times and passed the U.S. House of Representatives four times, with Democrats and Republicans voting in favor.”

AFSA Statement on CA Assembly Adjournment Without Reconsideration AB 2501 June 18, 2020

Today the California Assembly adjourned without reconsidering the “COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020,” (AB 2501), which if approved would have required creditors to provide up to nine months of vehicle payment relief—with a repossession ban for two years (except under certain circumstances)—and 12 months of mortgage payment relief. 

CFPB Launches Pilot Advisory Opinion Program June 18, 2020

The Consumer Financial Protection Bureau (CFPB) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations. In a July 2018 letter to the CFPB on guidance, AFSA asked the Bureau to implement just such a program.

Auto Lending Economic Outlook & Optimization/Risk Mitigation Strategies for the Way Forward June 17, 2020

Cox Automotive Chief Economist Jonathan Smoke returns on June 18 at 2:00 p.m. ET to keep lenders apprised of market conditions and financial predictions — particularly with off-lease inventory expected to surge and used retail to draw its own pandemic curve. Picking up where last month’s consumer/dealer insights drove digital strategy discussion for supporting consumers and dealers through virtual contact-to-contract deal finalization, there’s still much “back office” work for lenders left to do. 

Remembering Ray Biggs June 10, 2020

AFSA President & CEO Bill Himpler sent the below message to members yesterday afternoon remarking on the passing of Ray Biggs, who left an indelible mark on the consumer credit industry.