The Rest of the Story on the WSJ’s Debt Consolidation Article November 11, 2019

Over the weekend, The Wall Street Journal published a story entitled “More Borrowers Are Going Underwater on Car Loans.” The story dramatizes the experiences of a handful of consumers who have refinanced their auto loan or rolled a previous loan balance onto a new loan, and how this activity has affected their financial outlooks.

Himpler Op-Ed Appears in Military Times November 08, 2019

The Military Times this morning published an op-ed from AFSA President & CEO Bill Himpler entitled On consumer credit and unintended consequences. The piece pushes back on an early op-ed arguing in favor of rate cap legislation. Himpler argues that policy proposals that advocate for rate caps have unintended consequences that are often ignored.

Read the full story in the Military Times.

AFSA Members Stand with Neighbors Hit by Hardship November 07, 2019

As California’s fire fighters continue to contain the state’s wildfires, residents in Northern and Southern California have begun to return to those areas that have been deemed safe to pick up the pieces and rebuild what was lost. Insurance may cover some of the cost, but often those in the path of fires, hurricanes or tornadoes turn to AFSA member companies to help them get their lives back on track.

CFPB Hosting Symposium on 1071 Implementation November 04, 2019

The Consumer Financial Protection Bureau (CFPB) on Wednesday will host a symposium on Section 1071 of the Dodd-Frank Act and “will provide a public forum for the Bureau and the public to hear various perspectives on the small business lending marketplace and the Bureau’s upcoming implementation of Section 1071.”

AFSA Educates In-House Counsel on the TCPA November 01, 2019

The American Financial Services Association participated in a session at the Association for Corporate Counsel’s annual meeting this week. The session, Call Me Maybe? The Financial Services’ Perspective on the Telephone Consumer Protection Act, served to educate in-house counsel across all industry sectors about the latest trends, rules and considerations for communicating with customers, common violations, calls made to mobile phones, class actions, potential damages, company liability for third-party calls, particularly debt collectors, and other recent issues. The panel discussion was moderated by Prabir Chakrabarty, Vice President/Associate General Counsel with Mariner Finance.

WATCH | AFSA CEO Update, October 31, 2019 October 31, 2019

In this edition of the AFSA CEO Update, Bill Himpler speaks about the key issues we learned about at the AFSA Annual Meeting and about how the association is responding back in Washington.

AFSA Comments on Texas Finance Code October 30, 2019

AFSA’s State Government Affairs (SGA) team this week sent a comment letter to Texas Attorney General Ken Paxton in response to an opinion request  from a state representative regarding the Texas Finance code. In the request, the representative asked the attorney general if a “credit services organization”, which is the state’s definition of payday and vehicle title lender, could extend forms of consumer credit beyond those explicitly authorized - namely deferred presentment or motor vehicle title loans. In the letter, AFSA strongly urged the attorney general to uphold the current interpretation of the Texas Finance Code, which maintains that credit services organizations should only be allowed to extend the forms of consumer credit that are explicitly authorized. Unlike credit services organizations, AFSA members are regulated and licensed by the Texas Office of Consumer Credit Commissioner. Altering the existing interpretation of the Texas Finance Code by allowing unregulated and unlicensed credit services organizations to extend other forms of consumer credit will open the door to an increase in predatory lending practices in Texas.

AFSA Supports NHTSA Drive to Modernize October 29, 2019

The American Financial Services Association yesterday submitted a comment letter to the National Highway Traffic Safety Administration (NHTSA) voicing its strong support for a final rule allowing state adoption of electronic odometer disclosure systems.  Odometer disclosure statements are tied to vehicle sale and transfer documents.  State regulations have in the past required “wet” (i.e. handwritten) signatures as a means of preventing odometer fraud.  Now, state policymakers will have the opportunity to put in place more flexible rules that allow for an electronic signature.