WASHINGTON, D.C. — The
American Financial Services Association contends the industry has been faced
with a slew of new rules and regulations since the passage of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.

To help its members prepare for and respond to the vast
amount of new regulatory requirements, the association recently rolled out a
new committee dedicated to compliance concerns.

The purpose AFSA's
Operations and Regulatory Compliance Committee (ORCC) is to address the
policies, guidance, enforcement actions and regulations issued by federal
government and agencies that impact the association's members.

"Complying with the
volume of new regulations coming out of Washington is a time consuming and
labor intensive process," AFSA president and chief executive officer Chris Stinebert
said.

"Companies are looking for answers, and the ORCC aims to
provide them," Steinbert continued. "This new committee assists our member
companies deal with many of the compliance issues they face by developing
industry resources and educational materials."

The committee is
chaired by John Noone, retired president of Ford Motor Credit and principal of
Noone Consulting Group. Noone served as the 2011-2012 AFSA chairman.

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