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Rent-to-own News
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Rent-to-own News - New Consumer Protection Agency could impact RTO bills
The Obama administration yesterday sent a detailed proposal to Congress to create an agency to protect consumers and oversee nearly every facet of consumer lending.
"One would hope the renewed interest in consumer protections would lead Congress to take a closer look at our pending rent-to-own bills," Winn said. "And that could be a good thing. The other side of that is it could just be regulation run amok and they could ignore our pending bills and roll us in as a credit sale. It's still to early to tell."
The new agency proposal has already earned support from Congress' top financial services and banking industry lawmakers, House Financial Services Committee Chair Barney Frank, and Senate Banking Committee Chair Chris Dodd. Both Frank's and Dodd's committees also have jurisdiction over pending rent-to-own legislation in both the House and Senate.
But the bill is already meeting stiff resistance from the banking industry which is hoping to win over the few undecided lawmakers who will be critical in deciding which details will be included in the final bill. Industry groups say they are forming a coalition to persuade members of Congress to scale back the bill, according to the Washington Post.
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RTOHQ: The Magazine
RTOHQ: The Magazine is the Association of Progressive Rental Organizations' award-winning rent-to-own industry magazine, and it's available here. | |||
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Click the links below to download each article as a PDF
Complete issue of RTOHQ: The Magazine | January-February 2010
The Year of the Tiger According to Chinese astrology, the Year of the Tiger begins in February 2010. Tiger John Cleek is making the most of it as he winds down his two-year term as APRO’s president. He reflects on personal and industry-wide accomplishments and the love of family that sustains him.
In the 30-year history of the Association of Progressive Rental Organizations, 17 rental dealers have served as president. To mark APRO’s special anniversary, 15 of these leaders share their experiences in helping to shape the rent-to-own industry.
The Keep Rate Conundrum Calculating keep rate does not seem to improve the rent-to-own business in any discernible way—and yet this calculation, beyond all the others, has had enormous legal and political implications for rent-to-own almost since its inception.
Vendor Spotlight: What's in a Name? These three departed rent-to-own vendors--Joe Eason, Tom Kitchens and Norm Smith--live on, their names indelibly linked to key industry events and honors.
See the current issue of RTOHQ: The Magazine... [PDF format] [HTML format]
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Association of Progressive Rental Organizations 1504 Robin Hood Trail Austin, Texas 78703 800/204-2776, ext. 103 Fax 512/794-0097 |