3.20.26: Auto Finance Update
Fed Chair Powell to Stay until Replacement Confirmed
Weeks ago, President Trump announced he was nominating .. This week, current Federal Reserve Chairman Jerome Powell announced he would remain as chairman of the organization until his replacement, Kevin Warsh, has been confirmed by the United States Senate. Further, Powell says he will stay on the Board (though not as chair) until the Department of Justice investigation into his role as leader while the renovation of the Fed’s headquarters until he is “well and truly over with transparency and finality.”
House Panel Discusses Financial Data Privacy
The House Financial Services Committee this week held a hearing on legislation to “provide consumers greater control over their personal financial data and greater access to information about how their personal financial data is used. The discussion draft also provides for uniformity in the treatment of consumer financial data to promote consumer access, market competition, and regulatory clarity; requires regulators to consider the costs of GLBA Title V regulations on small financial institutions; and makes changes to GLBA Title V definitions to ensure greater coverage for consumers, financial institutions, and types of consumer data.”
The legislation directs financial institutions to collect, use, retain, or disclose nonpublic personal information only to the extent necessary for its legitimate business, legal, or regulatory purposes. The legislation does not directly address information gathered in the course of a repossession and how a repossessor should treat that information.
White House Creates Artificial Intelligence Framework
On Friday, the White House unveiled its comprehensive national legislative framework for artificial intelligence. The main elements of the plan include:
- Protecting children and empowering parents
- Safeguarding and strengthening American communities
- Respecting intellectual property right and supporting creators
- Preventing censorship and protecting free speech
- Enabling innovation and ensuring American AI dominance
- Education Americans and developing and AI-ready workforce
The repossession industry, like many others, is facing some positive and negative aspects of artificial intelligence. Skip tracing functions and license plate reading technology to some degree incorporate artificial intelligence. And increasingly AI is being used by lenders in the ordering of a repossession. In light of this, some of the proposed goals may affect the repossession industry. If the Repo Alliance wants to weigh in on this proposal, it may be worthwhile.
WHO IS REPO ALLIANCE?
How and when was the group formed?
The initiative started several weeks ago with an invitation from ARA to all National and State Associations and other major industry leaders.
Is the Repo Alliance another association?
NO! The Repo Alliance is a collaborative effort of the groups which decided to answer the call and develop a fundraising program to further the interests of OUR industry and provide a voice at both National and State levels.
Which organizations came together?
American Recovery Association (ARA), the California Association of Licensed Repossessors (CALR), Texas Accredited Repossession Professionals (Texas ARP), and Harding Brooks Insurance.
How do you contribute?
- A Square account has been established.
- Click here to donate through Square.
- Champion, Promote and Spread the word about this industry initiative!
Can I use any other method to contribute?
YES, you can mail a check, payable to Repo Alliance at 1400 Corporate Dr., Suite 175, Irving, TX, 75038.
Will funding reports and expenditures be available for review?
- YES, this initiative will be completely transparent on monies raised with information available on the website.
- One hundred percent of all monies raised will be used to pay for lobbying efforts. Everyone involved other than the lobbyist is a volunteer.
Why hire a dedicated lobbyist instead of just working with other lobbying groups?
We are working with other industry lobbyist groups but have realized without OUR OWN VOICE, we would be trusting the future of the Recovery Industry to the priorities of others. Riding the coattails of these other groups, puts our agenda as simply an afterthought.
What are the GOALS?
- Change the negative, reputational image of the Recovery Industry.
- Educate legislatures of the vital role we play.
- Fight against language in bills or guidance from agencies that would decimate the recovery industry.
Contact Us
833-737-6255
833-REPOALL
Related:
Repo Alliance – This Week in Washington – March 2026
The Repo Alliance: Giving a Voice to a ‘Ghost’ Industry in Washington
Repo Alliance Progress & Updates from May DC Meeting
Repo Alliance – Let’s Not Lose our Minds
How Does the “One Big Beautiful Bill Act” Affect the Repo Industry?
Repo Alliance – This Week in Washington – March 20, 2026 – Repo Alliance – This Week in Washington – March 20, 2026 – Repo Alliance – This Week in Washington – March 20, 2026
Repo Alliance – This Week in Washington – March 20, 2026 – Harding Brooks Insurance – American Recovery Association – ARA – Repossess – Repossession – Repossession Agency – Repossessor – Repossession
More Stories
Now Available: Peace Under Pressure
Do You Know The 3 Types of Skips?
Discover the Ultimate Gathering for Repossession Pros: The 2026 SRAC
Clarifying ARA’s Position on Key Services and Operational Control
Industry Update on Rising Fuel Costs
Now Available: Professional Standards in Repossession Volume II – Standards Lifecycle