WASHINGTON, D.C. — The American Financial Services Association recently revealed it has installed a new chair for its Vehicle Finance Division Advisory Board.

Tapped for the position is Andrew Stuart, president and chief executive officer of Volkswagen Credit.

The installation was announced at the association's 16th annual Vehicle Finance Conference & Exposition in Las Vegas.

In his new role, Stuart will be responsible for overseeing the division’s initiatives and will serve on the conference’s planning committee as its chair.

Highlighting the division itself, More than 600 individuals belong. It provides a forum for analyzing regulatory, legislative and market trends that impact the industry.

And why is Stuart a good fit for this role?

Stuart started his career at Volkswagen Group Canada in 1991 and transferred to Volkswagen Group of America in 1995.

Moreover, he has held various management positions with Volkswagen in sales, marketing, product planning and financial services. Stuart also led Bentley Motors Inc. as CEO from 2004 to 2007.

Most recently, he held the position of executive vice-president and chief financial officer at VW Credit, officials also noted.

Stuart is a member of the AFSA Board of Directors and also serves on the Junior Achievement of the National Capital Area Board of Directors.

AFSA Exec Testifies on Industry Concerns with CFPB

In other news from the association, AFSA  executives are standing up and addressing their concerns with the Consumer Financial Protection Bureau, which recently gained a head and is pressing forward.

AFSA president and chief executive officer Chris Stinebert testified on Feb. 8 before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit’s hearing on “Legislative Proposals to Promote Accountability and Transparency at the Consumer Financial Protection Bureau.”

In doing this, he expressed the association’s support for legislative proposals that would address a number of the automotive industry’s concerns with the CFPB.

Further explaining, officials noted that AFSA supports the “Proprietary Information Protection Act of 2012,” which would provide statutory protection that institutions do not waive any privilege when submitting confidential information to the CFPB in the course of the supervisory process.

Moreover, “The association also supports several bills that would enhance congressional oversight of the CFPB and impose budgetary accountability through the annual appropriations process,” they continued.

After speaking on industry concerns, the floor was open for questioning.

And during questioning by the committee, Stinebert noted that federal supervision is a new territory for non-bank institutions and encouraged the CFPB to draw upon the decades of experience of state agencies in regulating consumer credit.