Financial Scams Spotlighted on Capitol Hill
The House Financial Services Committee recently held a hearing on various financial frauds and scams, and in advance of the hearing AFSA sent a letter to the committee highlighting several scams currently affecting consumers and lenders, including credit repair scams, for-profit debt settlement schemes, and auto loan fraud issues.
AFSA’s letter urged the Financial Services Committee to pass the bipartisan Ending Scam Credit Repair Act (ESCRA) to limit lenders from being jammed by duplicative and meritless credit disputes sent by credit repair organizations. During the hearing, Rep. Nikema Williams (D-GA) highlighted credit repair scams and how these entities are harming the consumer financial marketplace.
Rep. Dan Meuser (R-PA) mentioned that the committee’s work on financial fraud and scams is just beginning and sent a letter, along with Rep. Andy Barr (R-KY), to the Federal Reserve requesting information about its efforts to mitigate the increase in financial fraud. AFSA will continue to advocate on Capitol Hill about the negative effects of financial scams on our members and their customers.
September 23rd, 2025