Yesterday, AFSA sent a letter to both Senate Banking Chairman Tim Scott (R-SC) and House Financial Services Chairman French Hill (R-AR) congratulating them on their selection as chairmen for the 119th Congress, and reiterating our appreciation for both Senator Scott and Congressman Hill’s support of the consumer credit industry.
The letter, along with AFSA’s 2025 priorities document, highlighted the challenges that overregulation and government overreach have created for the financial services industry. Overregulation of financial services entities is a serious and growing problem, particularly with the unchecked Consumer Financial Protection Bureau (CFPB). And some issues currently facing the credit industry could result in an inability for hardworking Americans to receive credit.
AFSA also encouraged Congress to neither pass any type of arbitrary rate cap that would hinder the installment loan industry from granting loans to otherwise qualified people, nor cap late fees or swipe fees for the credit card industry. Limits on arbitration could delay or hamper consumers from receiving relief while benefiting trial lawyers. We also encouraged Congress to pass H.R. 306, the “Credit Repair Scam Act,” which would curtail credit repair practices that waste consumers’ time, money and unduly burden the financial industry without providing any relief to consumers.
January 15th, 2025
