Today's Headlines

    Learn to See the Credit Invisibles

    AFSA Business Partner webinars presents Learn to See the Credit Invisibles, presented by Clarity Services.

    The presentation will be held on Wednesday, September 13 at 2:00 p.m. ET and registration is now open.

    Clarity Services CEO Tim Ranney will tell us about the term “Credit invisible,” which is used in the prime lending space to describe a consumer with no credit history in a traditional credit bureau file. “Thin file” and “stale file” refer to consumers with either limited credit history and/or old information (no trade line activity in the past 24 months, for example). It is extremely difficult for lenders to underwrite individuals with such little information. However, many consumers who are deemed credit invisible or thin/stale file are active in the subprime lending space and have credit histories in alternative credit bureaus. 

    In this webinar, you'll learn:

    • Who these consumers are (demographics including age, income, geography, etc.)
    • General stability attributes and trends regarding how they use credit products.
    • The different types of thin/stale file consumers.
    • The most important factors for underwriting these consumers.

    This presentation is part of AFSA's Business Partner Webinar series, which allows industry experts to share timely, educational topics directly with AFSA members.

    Upcoming webinars include:

    • AFSA Independents Annual Financial Performance Results, presented by RSM.
      • Tuesday, September 26, 2:00 p.m.
    • Digital Marketing for Finance Companies, presented by GoldPoint.
      • Thursday, October 19, 2:00 p.m.
    • Top Ten Debt Collection Lessons from 2017, presented by AFSA.
      • Thursday, November 9, 2:00 p.m.
      • Featuring Kelly Knepper Stevens (Stoneleigh Recovery Associates), Caren Enloe (Smith Debnam Narron Drake Saintsing & Myers, LLP), and Etha Ostroff (Troutman Sanders).

    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. Past recordings and a list of other upcoming webinars can be found in the AFSA Webinar Resource Center. For more information, contact Dan Bucherer, Communications Manager, at

    Fischer's departure expedites Trump's overhaul of Fed leadership

    American Banker, Ian McKendry (September 6, 2017)

    Federal Reserve Board Vice Chairman Stanley Fischer’s surprise retirement announcement will leave four vacancies on the seven-member Fed board, meaning that President Trump’s selections will have a majority presence once confirmed.

    Randal Quarles, nominee for vice chairman for banking supervision, is expected to be approved by the Senate Banking Committee this week and by the full Senate later this month. Efforts to ease restrictions on the Dodd-Frank Act are likely to speed up once the other three nominees are named.

    Some Fed observers note that the agency may try to rush out additional rules before Trump officials are added to the board. During a June hearing Sen. Sherrod Brown, D-Ohio, expressed concern that the Fed may wait for the Administration to fill empty seats on the Fed board before finalizing the capital surcharge rule for the Comprehensive Capital Analysis and Review stress tests.

    The Fed’s agenda will ultimately be determined by its next chair. Janet Yellen’s term is set to expire in early 2018. President Trump has indicated that he may renominate Yellen and has openly contemplated Gary Cohn, who currently serves as director of the National Economic Council. 

    Featured Premier Business Partner

    AFSA Staff

    Bi-monthly, AFSA will feature a new AFSA Premier Business Partner on our Premier Partner resource page.

    This month’s spotlight company is 7-start partner AutoGravity, which is revolutionizing the way people buy and finance cars. Harnessing the power of the smartphone, AutoGravity technology provides a new level of transparency, convenience, and speed to the car shopping and financing process. AutoGravity collaborates with the world’s leading banks and financial services companies to give car buyers direct control over their car financing options while connecting them to a nationwide network of participating car dealerships.

    AFSA Takes Upclose Look at NYDFS Cybersecurity Regs

    AFSA Staff

    On September 5, AFSA’s State Government Affairs department released its September white paper on state cybersecurity regulations. Although the oversight of data security at a vast majority of financial institutions has typically been the responsibility of various federal agencies, recent activity in the states has marked an increase in state cybersecurity rules, starting with last year’s New York Department of Financial Services (NYDFS) cybersecurity proposal.

    AFSA’s white paper outlines the timeline of the NYDFS cybersecurity regulations—including AFSA’s comment letters raising concerns with the proposal—the requirements in the final regulation, and the challenge financial institutions face complying with the new rules. The white paper also provides details on recent efforts in Colorado and Vermont to impose cybersecurity requirements on investment advisers and dealer-brokers; Connecticut’s cybersecurity strategy released in July 2017; and the National Governors Association (NGA) compact signed by 38 states to enhance state cybersecurity efforts. AFSA is committed to continuing to monitor this issue closely and will provide updates to members on proposed cybersecurity programs in new states and changes to existing requirements.

    AFSA’s State Government Affairs team publishes white papers monthly, and members can find previous papers on AFSA’s website under the SGA Resources section.

    AFSA Announces New Conference Focusing on Law and Compliance

    AFSA Staff

    AFSA is pleased to announce its first-ever Law & Compliance Symposium, held at The Omni San Diego, January 29-31, 2018. More information and registration is available via the Symposium website.

    Since the recession and passage of Dodd-Frank, federal and state financial regulators have emphasized the importance of consumer protection and stressed the necessity of strong compliance programs. In response, consumer finance companies have increased their compliance efforts and in so doing, have faced new challenges including conflicting regulations, statements, enforcement orders and guidance.

    AFSA's inaugural Law & Compliance Symposium will help members meet those challenges head on by providing insights and guidance on critical federal and state compliance issues for the financial services industry. The symposium is geared toward companies of all sizes, from large, publicly-traded companies, to small, privately-owned businesses. The meeting will focus on compliance for: direct and indirect auto finance, traditional installment loans, payment cards, and mortgage loans.

    The conference is for company representatives who have compliance responsibilities - whether they are in executive or legal, government, or compliance departments. In conjunction with the Law & Compliance Symposium, the following AFSA committees will meet: Law Committee, Operations and Regulatory Compliance Committee (ORCC) and the State Government Affairs Committee (SGA).