Today's Headlines

    Toyota Exec Joins AFSA Board

    On January 13, the AFSA Board of Directors elected Wei Shi to the AFSA Board. Mr. Shi is CFO and Officer of Global Business Intelligence at Toyota Financial Services International Corporation. He also serves as Group Vice President of Treasury, Business Intelligence, Analytics & Finance for Toyota Motor Credit Corporation.

    Shi replaces Chris Ballinger of Toyota Financial Services, who is transitioning to a new position within Toyota.

    Shi’s career at Toyota Financial Services (TFS) began in 2006 as Corporate Manager of Treasury.  He shepherded the company’s leading funding programs through the global financial crisis to provide uninterrupted support to customers and dealers. He has since assumed responsibility to build and cultivate data and analytics capabilities at TFS for better financial discipline, performance measurement and decision-making.

    The TFS Treasury and Finance team has repeatedly won international recognition for performance, stability, speed-to-market, and risk management. Automotive News recognized Shi as one of the All-Stars in 2013. Prior to joining Toyota, he served as Senior Vice President and Assistant Treasurer for Providian Financial, and spent his earlier career in the financial services industry with Goldman Sachs, Salomon Brothers, and Bank of America. Shi earned two advanced degrees – a master’s in electrical and computer engineering from Carnegie Mellon University, and a doctorate in finance from the University of California, Berkeley.

    He is a member of AFSA’s Vehicle Division and his been an avid supporter of AFSA over the years.

    Senate Democrats Oppose CFPB Commission, Mnuchin’s Nomination

    AFSA Staff

    Senate Democrats are digging in for a fight supporting Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and opposing Treasury Secretary nominee Steve Mnuchin.

    Senate Minority Leader Chuck Schumer (D-NY), Senate Banking Committee Ranking Democrat Sherrod Brown (D-OH), and Senator Elizabeth Warren (D-MA) stated that they would fight any attempt to replace Consumer Financial Protection Bureau Director Richard Cordray or change the Bureau's structure to a commission, during a press call yesterday. The senators join House Financial Services Committee Democrats, who sent a letter to President-elect Trump last week warning him against replacing Director Cordray and noting the legal battle that could ensue. In conjunction with the call, Senate Banking Democrats also sent a letter to Director Cordray praising him for "tough enforcement against financial fraud."

    Sen. Elizabeth Warren was named ranking democrat of the Senate Banking Committee's Financial Institutions and Consumer Protection Subcommittee yesterday. Yesterday, Warren hosted a forum featuring the "foreclosure victims" of Treasury Secretary nominee Steven Mnuchin's former bank OneWest. Senate Finance Committee member Sen. Debbie Stabenow (D-MI) plans to speak and other senators are expected to attend.

    The Senate Finance Committee will hold Treasury Secretary nominee Steven Mnuchin's confirmation hearing on Thursday. Twenty-five Democrats, led by Sen. Robert Menendez (D-NJ), have sent a request to Senate Finance Chairman Orrin Hatch asking him to allow families whose homes were foreclosed upon by OneWest to testify at the hearing.

    Senate Democrats' statements come as there are stronger signals that President-elect Trump is looking closer at replacing CFPB Director Richard Cordray. 

    Conference to Challenge Perceptions – “Are We There Yet?”

    AFSA Staff

    Next week, the American Financial Services Association (AFSA) hosts its 21st annual Vehicle Finance Conference and Expo next week at the Sheraton New Orleans.

    One of the first events of the year for the vehicle finance industry, the conference has become the premier event for the auto finance industry.

    This year‘s conference theme asks the provocative question, “Are we there yet?”

    “Our theme may remind you of a long road trip with your kids and sounds a bit odd. But it raises an extraordinarily important question,” said Chris Stinebert, President and CEO of AFSA. “It provokes our members to ask themselves if their companies are “there yet” on issues like compliance, cyber security, customer satisfaction and technology. We’re attempting to answer that question – sessions are focused on giving our members the tools and knowledge to make that journey.”

    Josh Linker, an entrepreneur and hyper-growth CEO who has spent his career harnessing the power of disruptive change, will present the conference keynote. He will deliver a clear call to action for members - it is better to innovate and disrupt your organization before your competition does. The riskiest move companies can make today is embracing the status quo — believing the future will be like the past is the fast road to obsolescence.

    Another important session will feature the three major credit bureaus coming together to set the record straight on the health of the subprime auto finance market.

    AFSA’s CEO Panel will feature key industry executives sharing best practices, compliance hurdles, and critical opportunities in the fast-moving marketplace of auto finance. David Paul (Vehicle Finance Division Chair and Senior Vice President, Financial Services, American Honda Finance Corp.) and Mark Scarpelli (Incoming NADA Chairman and President, Raymond Chevrolet and Kia) will kick off the final day of the conference with a frank discussion about the important relationship between dealers and financing sources.

    Registration for the conference has grown steadily over the last decade and AFSA is pleased to announce that attendance at the 2017 conference has set a new record as more than 600 attendees will gather in The Big Easy to network, learn from the experts, and visit the conference’s more than 55 exhibitors. 

    AFSA University Launces Module Focusing on Vendor Management

    AFSA University recently released a new module on vendor management. The module addresses the Consumer Financial Protection Bureau’s expectations that financial institutions have an effective process for managing the risks of service provider relationships. The module helps AFSA member company employees understand their compliance responsibilities when dealing with vendors, as well as understand the types of risk of vendor relationships, and vendor compliance under federal law. The module also provides suggestions that financial institutions should take into consideration to try to avoid unwarranted risks to consumers from business arrangements with service providers.

    The module takes approximately 30 minutes to complete, with a 15-minute test at the end. If you are an AFSA University user, it can be found under the custom content lessons. If you are interested in our compliance training program or would like to preview AFSA University modules, please contact Alejandra Krasnow, Director Operations & Compliance at akrasnow@afsamail.org

    AFSA Publishes 2017 Legislative Preview and 2016 Review White Paper

    AFSA Staff

    On January 10, AFSA’s State Government Affairs department published its 2017 State Legislative Preview and 2016 Review white paper. Published monthly, AFSA’s state white papers typically cover a single issue; however, the 2017 preview/2016 review provides a broad look at some of AFSA members’ priority issues, including information on debt collection, payment cards and systems, mortgage lending and servicing, traditional installment loans, vehicle finance, and state rate cap activity.

    As each of the 50 state legislatures is scheduled to meet in 2017, AFSA expects the states to have an active year. The white paper provides a snapshot of legislative trends in recent sessions, an examination of this past year’s legislative activity, and a look at legislation already proposed for the upcoming sessions.

    In addition to information on the priority issue areas, the 2017 preview/2016 review covers the recent expansion of the Nationwide Multistate Licensing System (NMLS) and proposed updates for 2017, state attorney general enforcement activity in 2016, and a report on state election results in 2016.

    Members can find previous white papers on AFSA’s website under the State Resources section.