American Financial Services Association

AFSA Asks Senate to Help Consumers

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AFSA Asks Senate to Help Consumers

The American Financial Services Association (AFSA) yesterday sent a letter to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY) asking that the Senate explore several measures that would help consumers and the U.S. economy recover from the coronavirus pandemic.

  • Ensure businesses such as finance companies are eligible for the Paycheck Protection Program (PPP), to keep employees on the job to serve consumers;
  • Exclude harmful credit provisions that would actually limit consumers’ ability to access credit.
  • Update the Term-Asset Backed Securities Loan Facility (TALF) program.
  • Allow finance companies to use the Main Street Lending Program (MSLP).
  • Support the inclusion of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act).
  • Assist the military under the Servicemembers Civil Relief Act (SCRA) with clear provisions.
  • Apply relief from the Current Expected Credit Loss (CECL) standard for all the financial sector.

AFSA hopes that, as the Senate works on a new stimulus package, it continues to provide relief to millions of Americans grappling with the economic disruptions caused by the pandemic.

May 28th, 2020 by