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 information, […]
  • 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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AFSA Opposes MA H.4806

On July 30, AFSA sent a letter to Massachusetts Governor Charlie Baker opposing H.4806, a bill related to security breaches. As currently written, the bill would prohibit lenders to view consumer’s credit information in order to make pre-approved and pre-screened offers of credit, which lowers overall costs. “Though AFSA shares the legislature’s goal of protecting […]
  • American Financial Services Association
  • August 3, 2018
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The Next TCPA Battle

The Telephone Consumer Protection Act of 1991 (TCPA) was a well-intentioned and early attempt to limit the number of telemarketing calls consumers receive. Among other things, it restricts telephone solicitations (i.e., telemarketing) and the use of so-called “autodialers.” Over the years, it’s been a challenge to determine what equipment is an autodialer and what isn’t. […]
  • Michael Benoit & Michael Goodman
  • May 25, 2018
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FTC’s Top 10 Tips for Stronger Data Security Practices

Establishing a reliable online presence for businesses is critical in today’s digital-savvy world, and when it comes to lenders building trust in the online marketplace — it remains a challenging yet crucial component. Data breaches do not necessarily show that a company failed to have reasonable security measures, as there is no such thing as […]
  • Nicole Casperson
  • May 23, 2018
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