AFSA’s State Government Affairs team submitted testimony to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state. These adjusters charge high fees but do not offer any additional value beyond what borrowers can already obtain for free by directly negotiating with their creditors. […]

The Federal Trade Commission has released its final “junk fees” rule. AFSA is pleased to report that the final rule is much narrower in scope and does not apply to financial services. The final rule includes a definition for “Covered Good or Service” to include only: live-event tickets or short-term lodging. AFSA worked hard to ensure that the financial […]

The Federal Reserve’s Federal Open Market Committee (FOMC) on December 18 lowered the federal funds rate target by 25 basis points, a quarter percentage point. The target range now stands at 4.25 percent to 4.5 percent, a full percentage point lower than the cyclical peak reached in September. This latest FOMC action was preceded by a 25 basis-point reduction in November and a […]

Yesterday, AFSA joined other trade groups in encouraging the delay of the Corporate Transparency Act’s (CTA) year-end compliance deadline for existing entities. The letter highlights the vagaries of the reporting requirements, as well as the legal challenges to the CTA which leaves small businesses in limbo. If enacted, this provision would provide much-needed relief to the […]

The last few years have been challenging for consumers and providers of consumer credit alike. An historically sharp increase in interest rates, a slow slide in economic growth following a post-pandemic boom, growing household financial strain, and an increasingly adversarial regulatory climate are among the factors that have weighed on borrowers and lenders. Results from […]

  The Industry Pulse Join our All-Star Pulse Panel for a comprehensive analysis of 2024 and predictions for 2025 in the vehicle finance ecosystem and the broader global vehicle marketplace. Get the download on the current economic environment and where our experts see it going in the coming year, as well as intel on the […]

CEO Roundtable Hear from four senior leaders in the vehicle-finance industry for a fast-paced and insightful discussion on the current business environment. Explore the challenges and opportunities in the marketplace and learn how these executives and their teams are addressing both internal and external issues. Gain valuable perspectives on strategies for success in today’s dynamic […]

AFSA congratulates Rep. French Hill(R-AR), on his election to the Chairmanship of the House Financial Services Committee. AFSA has worked with Representative Hill on a number of issues crucial to American consumers and the consumer credit industry, including reining in the CFPB’s regulatory overreach, specifically with the auto loan data collection earlier this year. We […]

AFSA’s State Government Affairs team submitted a comment letter to the New York Department of Consumer and Worker Protection. The department is attempting to promote fair debt collection practices and AFSA is seeking clarification of the proposed rules to ensure that they are aligned with state and federal requirements. In a public hearing before the New York City […]

Yesterday, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. AFSA attended the hearing, entitled “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work,” which covered a range of issues, including mortgage, medical debt, credit card rate caps, and student […]