American Financial Services Association

Main Street Lending Program Should Support Main Street Businesses

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Main Street Lending Program Should Support Main Street Businesses

The American Financial Services Association (AFSA) this week submitted a comment letter to Eric Rosengren, the President & CEO of the Federal Reserve Bank of Boston. The letter expressed the troubling fact that – despite the name – the Main Street Lending Program (MSLP) is not supporting all Main Street businesses, specifically, consumer finance companies. The letter asks that “the Federal Reserve designate state-licensed and -regulated finance companies, including vehicle finance companies, credit card issuers, and traditional installment lenders, as eligible businesses.”

“Many AFSA members are ‘main street’ businesses. Some are businesses that have been passed down through generations,” AFSA President & CEO Bill Himpler wrote. “They are community-based businesses that are worried about how they are going to pay their employees, much like many other small and mid-sized businesses right now.”

May 7th, 2020 by