American Financial Services Association

AFSA Highlights Shortfalls in HEROES Act in Letter

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AFSA Highlights Shortfalls in HEROES Act in Letter

The American Financial Services Association (AFSA) on last week (May 20) sent a letter to House Speaker Nancy Pelosi (D-CA) in regard to the HEROES Act that passed the House. AFSA is pleased to see that the legislation expands the Paycheck Protection Program (PPP) which is helping small businesses in this time of uncertainty. It notes, however, that the PPP should be extended to ensure financial services companies can take advantage of the program. The Act also prohibits another Operation Choke Point, which forced many of our members to sever banking relationships they had held for years.

AFSA is disappointed, however, that the legislation includes provisions that would make it more difficult for consumers to get the help they need; this includes credit reporting provisions that would force furnishers to report inaccurate provisions and debt collection provisions that would serve only to tight available credit.

“AFSA is supportive of the goal of the section amending the Servicemembers Civil Relief Act (SCRA),” wrote Ann Harter, Vice President with AFSA. “The amendment is intended to help service members whose permanent change of station (PCS) orders may have changed as a result of the pandemic. Service members certainly should not be harmed by the stop movement order issued in response to the pandemic.”

May 26th, 2020 by