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January 24, 2017 - Industry News

AFSA Panel Bursts Subprime Bubble

Representatives from the three major credit bureaus opened the 21st annual Vehicle Finance Conference and Exposition by confirming that there is no forming subprime bubble. They explained why and how millennials are contributing to a healthy auto finance market.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Amy Crews Cutts, credit reporting agency, Equifax, Experian Automotive, Jason Laky, Melinda Zabritski, TransUnion, Veritas Auto Finance

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

May 10, 2016 - Industry News

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

Tags: American Financial Services Association, Arbitration, CFPB, compliance

November 24, 2015 - Industry News

House Committee Report Takes Aim at CFPB’s Proxy Methodology

The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.

Tags: American Financial Services Association, CFPB, CFPB study, Charles River Associates

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

March 17, 2015 - Industry News

Cordray: CFPB Disagrees With Conclusions of CRA Study

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.

Tags: American Financial Services Association, BISG, CFPB, Congress, Consumer Financial Protection Bureau, Richard Cordray, Study

December 11, 2014 - Industry News

Lender Trade Group Urges CFPB to Reconsider Larger Participant Rule

In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.

Tags: American Financial Services Association, Auto Lending, Consumer Financial Protection Bureau, Finance

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

November 19, 2014 - Industry News

CFPB Methodology Flawed, New Study Concludes

A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.

Tags: American Financial Services Association, CFPB, CFPB study

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

August 14, 2014 - Industry News

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Photo Credit: Scallop Holden via Compfight cc

Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.

Tags: AFSA, American Financial Services Association, Auto Lending, Department of Justice, impact of the Great Recession, Investigation, mortgage, NADA, National Automobile Dealers Association, Peter K. Welch

January 28, 2014 - Industry News

Former CFPB Executive Joins Hudson Cook LLP

The former CFPB executive once described as a ‘valuable conduit between the CFPB and the industry’ has joined Hudson Cook LLP as a partner in the firm’s Portland, Maine, office.

Tags: American Financial Services Association, CFPB, Consumer Financial Protection Bureau, FEDERAL REGULATION, Hudson Cook LLP, Michael Benoit, Richard Hackett, Tom Hudson

December 31, 2013 - Industry News

Compliance, Technology to Headline Vehicle Finance Conference

This year’s conference will feature Patrice Ficklin, assistant director of the CFPB’s Office of Fair Lending, as well as a candid discussion between executives from GM Financial, Toyota Financial Services and Chase Auto Finance.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Chase Auto Finance, Consumer Financial Protection Bureau, Experian Automotive, Ford, General Motors, JD Power and Associates, National Automobile Dealers Association, Toyota Financial Services

November 21, 2013 - Industry News

Automotive Compliance Consultants to Exhibit at NADA, AFSA Conventions

Automotive Compliance Consultants will exhibit its WICS methodology for ensuring auto retailer compliance at both the American Financial Services Association and the National Automobile Dealers Association conventions in New Orleans in January.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Automotive Compliance Consultants, NADA Convention and Expo, National Automobile Dealers Association

April 16, 2013 - Industry News

Compliance Experts to Dealers: Heed CFPB’s Aggressiveness

Automotive Compliance Consultants joins the American Financial Services Association to leverage its F&I compliance services for auto dealers in the wake of the CFPB's recent examination of dealer participation.

Tags: American Financial Services Association, Automotive Compliance Consultants, CFPB, regulation, Terry Dortch, warning

February 9, 2012 - Industry News

VW Credit’s Stuart Named Chair of AFSA Vehicle Finance Division

The American Financial Services Association (AFSA) named Andrew Stuart as chair of the trade group's Vehicle Finance Division Advisory Board.

Tags: AFSA, AFSA Vehicle Finance Conference, American Financial Services Association, VW Credit

November 1, 2011 - Industry News

Ford Credit President Appointed AFSA Chair

The American Financial Services Association announced that John Noone, Ford Motor Credit Company president, was appointed AFSA 2011-2012 chair.

Tags: American Financial Services Association, Ford, Ford Credit

November 1, 2011 - Industry News

American Honda Finance’s Senior VP Honored With AFSA Award

The American Financial Services Association presented Stephen Smith, senior vice president of American Honda Finance Corporation, with the Distinguished Service Award during its 95th annual meeting in Washington D.C.

Tags: American Financial Services Association, Honda, Honda Financial Services

August 11, 2011 - Industry News

Industry Reacts to S&P Downgrade

The head of at least one key financial services association doesn’t expect the auto finance segment to be severely impacted by the downgrade of U.S. debt, but the impact on consumer confidence remains a question.

Tags: AFSA, American Financial Services Association, Credit, Dow Jones Industrial Average, Standard and Poor's, WALL STREET

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