Today's Headlines

    Welcome New Members

    AFSA would like to welcome the following new members to the association:

    CU Direct connects more than 16,000 car dealerships to 1100 credit unions for auto loan application, transmission and funding.  CU Direct provides full circle lending technology from applications, submission, loan origination systems, portfolio analytics, and funding.  CU Direct supports financial institutions in auto, mortgage and personal lending technology.

    Digital Matrix Systems is a data connectivity, analytics, data storage, and security based company. The company specializes in providing access to consumer, commercial, insurance, and KYC.

    Drive Now Acceptance LLC is a finance company for Superior Car Credit in East Dundee, IL.

    Rudolph Incorporated was founded in 1973 as a sole-proprietorship and was incorporated in 1978. The auto finance division opened in 1992 for the purpose of providing an alternative financial source for the customers of used car dealers.

    Secretariat International, Inc. provides consulting expertise and assistance to lenders and servicers across a broad spectrum of businesses.  The company collaborates with banks, non-bank mortgage lenders, credit unions, captive auto finance, subprime auto, insurance companies and entities involved in alternative financing products.

    Toyota Industries Commercial Finance is a captive finance company for Toyota forklifts, Hino trucks, and other trucking and commercial

    Industry, Regulators Discuss Fintech

    Last week, Conference of State Bank Supervisors held a panel in DC featuring regulators and industry to discuss the recommendations from the Fintech Advisory panel. On the lending side, the panelists discussed moving towards 50-state adoption of NMLS, increasing coordination of multi-state exams, building a database of state exams, standardizing reporting requirements, and increasing regulator education on online lending lead generation. The full list of recommendations and the in-depth lending subgroup report were released online concurrent with the panel.

    AFSA Meets with FCC to discuss status of TCPA

    AFSA staff and other trade associations met with the Federal Communications Commission (FCC) this week and last week to discuss the Telephone Consumer Protection Act (TCPA).

    The group of trades met with staff from the FCC’s Consumer & Governmental Affairs Bureau who are writing the TCPA rules. As well as meeting with staff from offices of several FCC Commissioners  and have scheduled meeting with staff from the Chairman Ajit Pai’s  office tomorrow, Feb. 22. There are five FCC Commissioners, including the chairman.

    AFSA learned that TCPA will most likely not be on the agenda for the Commissioners’ March meeting. A draft of the rule has not been circulated to the commissioners. AFSA emphasized the need for a definition of “autodialer” that is limited to dedicated equipment that calls random or sequential numbers. AFSA also discussed revocation and the reassigned numbers database.

    Additionally, the FCC released a proposed rule on the Truth-in-Caller ID Act for comment. In the proposed rule, the FCC is seeking comment on modifications to the current Truth-in-Caller ID rules that largely track the language of the recent statutory amendments.

    The FCC  Commissioners’ also invite comment on what other changes to the Truth-in- Caller ID rules they can make to better prevent inaccurate or misleading caller ID information from harming consumers.

    Economist, author, adviser Moore headlines Law & Compliance Symposium

    Stephen Moore, author, economist and former Wall Street Journal Editorial Board member, headlines the second annual AFSA Law and Compliance Symposium, March 5-7 in Ft. Lauderdale, Fla.

    Moore today is the Distinguished Visiting Fellow, Project Economic Growth, at The Heritage Foundation in Washington, DC. He served as an advisor on the economy to the Trump 2016 Campaign and has co-authored a book with Arthur Laffer called “Trumponomics: Inside the America First Plan to Revive Our Economy”

    At the Heritage Foundation, he focuses on advancing public policies that increase the rate of economic growth to help the United States retain its position as an economic global superpower.

    Moore has addressed AFSA conferences in the past, his most recent visit in October 2017 at the association’s annual meeting when he shared the podium with former congressman Jeb Hensarling (R-Texas) who was serving as the Chairman of the House Financial Services Committee and retired at the end of the last session of Congress.

    At the Wall Street Journal he was the senior economics writer for the editorial board, covering Washington policy debates and state issues.

    In the postscript to their book “Trumponomics” written last summer, Moore and Laffer look at the U.S, economy and how it has performed under Trump’s presidency and policies and describe it as “firing on all cylinders and is as healthy as it has been in 20 years. But we know from decades of experience that the economy is fickle and can turn on a dime, due to a multitude of factors, not the least of which is a trade war. Even more topsy-turvy is the stock market.”

    Looking back on their time as part of a team of advisors who helped devise Trump’s economic policy, Moore and Laffer write: “…so far Trumponomics is working. It is working so well that even we are amazed at the American economic transformation – both at the speed and the heights of the rebound.”

    Moore addresses the AFSA Law and Compliance Symposium Thursday, March 7, as the keynote speaker at the closing luncheon.

    CFPB’s debt collections expert will address Law & Compliance conference

    A high-ranking executive of the Consumer Financial Protection Bureau will address AFSA’s second annual Law and Compliance Symposium on March 5, the first day of the conference. John McNamara, the CFPB’s Assistant Director of Consumer Lending, Reporting, and Collections Markets, will address the conference on the topic of Debt Collection Rulemaking.

    McNamara last week accompanied CFPB Director Kathy Kraninger during her “Listening Session” visit to AFSA’s Installment Lending Summit & Congressional Fly-in. At that meeting, executives of AFSA member companies had the opportunity to describe their business models, customer base and longevity in providing access to safe, affordable credit in their markets to Kraninger, McNamara and other CFPB personnel who attended that session.

    McNamara was appointed to this position in June of 2017, under then-Director Richard Cordray, and had previously served in this capacity in an “acting” role. Prior to that he was Debt Collection Program Manager at the Bureau. Before joining the Bureau, McNamara was the chief marketing officer at LiveVox, a provider of cloud contact center solutions. He also served as president, CEO and co-founder of Fidelis Recover Solutions, Inc. He has more than 30 years’ experience in the debt collection market.