Today's Headlines

    Registration Open for Next Business Partner Webinar

    Registration is now open to AFSA members to learn about Five can't fail landing page strategies for lenders. Presented by SourceLink, the presentation will be held on Wednesday August 30 at 2:00 p.m.

    This webinar will explore the role landing pages have in the current lending landscape, and how simple online applications can be greatly enhanced by using testing strategies with landing pages. The presentation will look closely at how lenders who are using landing pages are seeing increased revenues, and explores the following topics:

    • Responsive Design for Mobile Success!
    • Social Proof (testimonials, reviews, etc)
    • Channel specific pages (keeping Landing Page message consistent with the ad message)
    • Less is More (cognitive overload)
    • Testing, Testing, Testing...

    This presentation is part of AFSA's Business Partner Webinar series, which allows industry experts to share timely, educational topics directly with AFSA members. The webinars are designed to provide information that will allow AFSA members to more effectively design, develop and implement strategies for their company's success.

    New Member Welcome

    AFSA is pleased to welcome three new members to the association.

    Carolina Finance, LLC, based in Kinston, N.C. an affiliate of Harvey Enterprises Inc., a 100+ year-old, privately-held company providing indirect auto lending through a network of franchised and independent auto dealerships in three states. www.carolina-finance.com

    Based in Pittsburgh, Pa., McGuireWoods LLP is a national law firm serving clients across the country with more than 1,000 lawyers in 23 offices. They have a strong focus on financial services and assist clients in a wide-range of practice areas, including vehicle finance, mortgage, commercial lending and credit card.  They represent our clients in litigation and compliance, handling a wide range of issues, including litigation portfolios and nationwide class action work. www.mcguirewoods.com

    Specialty Finance Group, LLC is a Branford, Conn. based investment banking group that only works with finance companies, bringing them equity, subordinated debt, senior credit, securitization, joint ventureswith alternative asset managers, and M&A activities. www.sfgroup.org

    Is Your Company Ready for CECL Compliance?

    Join AFSA for a webinar entitled presented by Dixon Hughes Goodman on Thursday, August 3 at 1:30 p.m. ET.

    Heather Cozart, Partner, with DHG will share her more than 18 years of expertise in the public accounting and financial services industry to help you prepare for CECL compliance.

    June 2016 was a major milestone with the FASB’s issuance of the long awaited new accounting standard for loan losses. Designated the current expected credit loss model (commonly referred to as “CECL”), the standard requires entities to record credit losses at origination based on a life of loan loss concept. This webinar will also address commonly asked questions such as why the Financial Accounting Standards Board (FASB) changed the rules to the CECL methodology, what the required adoption timeline looks like by type of company, and how this will affect your balance sheet upon adoption.

    AFSA hosts a variety of webinars throughout the year to educate members on some of the most pressing issues that face the financial services industry. The upcoming schedule is below, and registration is available, along with materials and webinar recordings of previous AFSA webinars, in the Webinar Resource Center are of the AFSA website.

    House Passes Arbitration CRA

    The U.S. House of Representatives passed H.J. Res 111 , a resolution offered under the Congressional Review Act (CRA) to disapprove of the Consumer Financial Protection Bureau's (CFPB) final rule restricting the use of arbitration agreements.

    The resolution, which passed by an almost party-line vote of 231-190, is sponsored by Rep. Keith Rothfus (R-Pa.) and co-sponsored by all Republican members of the House Financial Services Committee. The CRA allows Congress to repeal regulations issued by a federal agency within 60 legislative days after the rule is received by Congress using a simple majority vote.

    If the Senate passes S.J. Res 47 , Senate Banking Committee Chairman Mike Crapo's (R-Idaho) similar CRA resolution, and President Trump signs it, the arbitration rule is overturned and the CFPB is prohibited from issuing any substantially similar rule in the future.

    The Senate CRA resolution is expected to be a close vote.

    In addition to its direct outreach with Members of Congress, AFSA signed onto a joint trade letter in support of the resolutions. AFSA is urging passage of the CRA repealing the CFPB’s arbitration rule and has produced outlining key facts about the positive impact that arbitration has for consumers.

    CFPB Publishes Spring Rulemaking Schedule

    AFSA Staff

    On July 20, the Consumer Financial Protection Bureau (CFPB) published their Spring 2017 Rulemaking Agenda. The agendas are produced bi-annually and broadly govern the strategies for regulation over the next six months. The agenda highlights a number of areas that the Bureau will focus on. There are a few key areas of note.

    The CFPB is continuing its efforts to implement regulations in the mortgage market under the authority provided by the Dodd-Frank Act. The bureau’s rules have altered forms and amended reporting requirements under the Home Mortgage Disclosure Act (HMDA) – the agenda notes that the bureau is now working to implement the process for these rules. In the coming months, the bureau will consider industry concerns regarding mortgage servicing rules and a number of technical corrections.

    The Bureau outlined the fair lending in small businesses data collection effort pursuant to section 1071 which requires financial institutions to “compile, maintain, and report information on “credit applications made by women-owned, minority-owned, and small businesses.”

    The agenda highlights the recently finalized Arbitration Rule, as well as the small dollar lending rule proposal. With respect to the small dollar rule, the CFPB stated that they are carefully considering more than one million comments received in response to the proposal.

     

    The agenda also addresses debt collection. According to the CFPB, based upon the feedback received during its Small Business Review Fairness Act (SBREFA) panel, the Bureau has decided to issue a proposed rule later in 2017 concerning debt collectors' communications practices and consumer disclosures.

     

    The CFPB is also working to define “larger participants” in non-depository lenders, including “consumer installment loans” and whether registration is required.