Equipment Finance in 2024: Takeaways from NEFA's Equipment Finance Summit
Shareholders Sara Costanzo and Andrew Voorhees recently attended the National Equipment Finance Association (NEFA)’s 2024 Equipment Finance Summit. Now, they’re sharing their takeaways!
The attendees were offered an update on the implementation of the Consumer Financial Protection Bureau (CFPB)’s new Section 1071 of the Dodd-Frank Act. Section 1071 would require covered financial institutions to collect information about credit applicants and report to the CFPB on an annual basis, which would include extensive financial data on credit applicants. Implementation of Section 1071 is still delayed for the foreseeable future, as the injunction against implementation is awaiting review from the U.S. Supreme Court.
Section 1071 of the Dodd-Frank Act
The attendees were offered an update on the implementation of the Consumer Financial Protection Bureau (CFPB)’s new Section 1071 of the Dodd-Frank Act. Section 1071 would require covered financial institutions to collect information about credit applicants and report to the CFPB on an annual basis, which would include extensive financial data on credit applicants. Implementation of Section 1071 is still delayed for the foreseeable future, as the injunction against implementation is awaiting review from the U.S. Supreme Court.
Riding the Waves of Change
The women in Leasing Lunch once again had an impressive group gather for lunch and networking on opening day. There are discussions on creating a Women’s Committee to further support this group, and allow members to seek advice on difficult topics and real work scenarios. The DE&I committee also met at the conference, working on relevant topics for the fall conference.
Going For Gold
The conference was thrilled to have 3-time Olympian Misty May-Treanor present and talk with members. She talked about how hard work and dedication to your craft not only bring success but can and should bring other people around you up as well. Misty also talked about how making changes along the way (she transitioned from indoor to sand volleyball), while can be scary, can lead to the greatest moments. Knowing your teammates, and being there to fill in the gaps builds a better overall outcome for everyone.
Asset Valuation
The collection conversation focused on asset valuation, the changes in the market during and post-COVID-19-era, and how to work through impending defaults. Updating collateral values, knowing the location for possible repossession, and options for deficiency collections and legal action were recurring concerns.
Our team is constantly monitoring changes in the industry. If you have any questions about these topics or want to learn more about our commercial collections and/or bankruptcy recovery solutions, connect with Sara and/or Andy at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
