AILA Members and Friends:
I write to advise you of several developments:
1. We have cancelled the 2020 AILA Annual Meeting in Biloxi that was set for June. Regrettably, the Coronavirus is not going to allow us to meet early in the summer. We have worked with our Event Planning team and the Beau Rivage to cancel without penalty. We are in discussions with the Beau about having our convention in Biloxi in 2023.
2. We have set Tuesday, October 13th, 2020, for our next Committee Day Meeting in Birmingham. Our current Officers and Directors will continue to serve the Association until we can hold an election at that meeting.
3. As best I can determine, consumer finance companies are not directly eligible for the Paycheck Protection Program, because consumer lenders are not eligible for SBA 7(a) loans. However, I continue to look for circumstances that may allow a service company to a finance company to be eligible.
4. Earlier this week, the CFPB released additional Credit Reporting Guidance During COVID-19 Pandemic, with two key points. The first point reemphasizes the FCRA amendments passed in the CARES Act last week, which we discussed in detail in our blog this week. The other key development is that the CFPB will allow flexibility in the amount of time it takes furnishers to respond to direct disputes, as long as the company is making good faith efforts to respond as quickly as possible.
Please stay in touch and continue to send to me and Sam any updated information that you think will be helpful to the industry. I hope that everyone has a safe weekend.