In This Time of Need, AFSA Stands with Consumers
The American Financial Services Association and its members understand that in this time of anxiety around consumers’ own health and safety, as well as that of their families, loved ones and friends, there is also concern about their financial security.
Federal agencies that work with the financial services industry have put forward policy guidance in this area. For example, the FDIC is providing guidance to financial institutions to take prudent steps to assist customers and communities affected by the coronavirus, including efforts to modify the terms on existing loans for affected customers. The Consumer Financial Protection Bureau has also issued consumer guidelines to address concerns about loans.
When considering loan options, consumers should be aware of very real differences between a traditional installment loan and a riskier payday loan. When considering short-term options, consumers can access additional, helpful information here. As well, the AFSA Education Foundation offers great, free resources that empower consumers and assist them with their financial planning.
As with so many other industries that serve consumers, our thoughts are with our neighbors, and that they take the steps necessary to remain safe and healthy. For updated and additional information on the coronavirus, please visit coronavirus.gov.
March 16th, 2020
