Delaware State Fund Highlights Importance of Financial Education

The Delaware Bank Commissioner this week will award $340,000 to schools, non-profits, and community organizations to fund financial literacy courses, according to a report from Delaware Public Media. The state last distributed financial-literacy grants, which are funded via revenue from a license fee on businesses that extend high-cost payday and car title loans dollars, in 2017. The […]
  • American Financial Services Association
  • August 22, 2019
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Compliance considerations when buying and selling customer leads

As an auto lender, you’re likely aware of the due diligence required when purchasing consumer leads. Lenders must exercise the same diligence when referring — or selling — declined leads downstream. Purchasing customer leads via referral programs has adapted as technology has allowed online lenders to communicate instantaneously with potential customers. Due to the nature […]
  • Dustin Alonzo
  • July 19, 2019
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An inside look at 2 new credit scoring models

Ever since the concept of loaning money was conceived, lenders have been trying to find the ideal way to predict who will pay them back and who will default. Over time, methods for evaluating the likelihood of borrower repayment progressed from individual human judgment calls to more objective credit bureaus and reports. In the 1950s, […]
  • Mark Baltuska
  • July 18, 2019
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Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID. AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for […]
  • American Financial Services Association
  • April 26, 2019
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AFSA Provides Input on Cybersecurity to Key Senate Committee

Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information. “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in […]
  • American Financial Services Association
  • March 21, 2019
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5 Features of Lending Technology to Measure Compliance

“We expect that the next five years will bring more change to auto finance than the past 50 years combined.” That statement from PricewaterhouseCoopers, made in the consultancy’s Auto Finance Risk and Compliance Highlights 2017 report, was based on research into the numerous factors affecting auto lending. With urbanization, evolving models of vehicle ownership, changing […]
  • Lana Johnson
  • March 13, 2019
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Kraninger Nomination Advances in Senate

November 29, 2018 The Senate this afternoon invoked cloture on the nomination of Kathy Kraninger as the Director of the Bureau of Consumer Financial Protection (BCFP). The 50 – 49 vote ends debate on the nomination and sets up a final vote sometime after December 4. AFSA strongly supports President Trump‘s nomination for the Director’s […]
  • American Financial Services Association
  • November 30, 2018
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Election Analysis: AFSA Examines the Midterm Results

The midterm elections are history and we now know that the House of Representatives will shift control to the Democrats, while the Senate will have a strengthened Republican majority.Of particular interest to AFSA members, Tuesday’s winners include the former chief of staff of the Presidential Task Force on the Auto Industry, a mortgage company founder, […]
  • American Financial Services Association
  • November 9, 2018
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Why Finance Companies Are Using Verification Tools at Record Levels

Reading some of the headlines from major media outlets, it might seem as though auto finance companies didn’t understand the importance of verifying income and employment information provided by applicants. Everything was written from auto finance companies being fraudsters to the auto industry being the harbinger for the next recession. However, the headlines largely got […]
  • American Financial Services Association
  • October 1, 2018
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