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 Dan Bucherer