AFSA Members Serving Communities, AFSA Staff Supporting Members
The American Financial Services Association (AFSA) today, March 20, sent a letter to House Financial Services Committee (HFSC) Chair Maxine Waters highlighting member company responses to the coronavirus pandemic. AFSA was pleased to share the many steps consumer credit companies have already taken to aid consumers, including:
- Providing payment relief options, such as extensions and deferred payments;
- Underwriting existing customer loans more liberally to allow refinancing;
- Waiving fees;
- Expanding fraud protection and notification services; and,
- Increased cleaning branch offices and ATMs accessed by employees and customers.
In the auto-finance sector specifically, “some companies are delaying payments due to employment disruption for up to six months, while others are providing relief through measures including extensions and lease deferrals on a case by case basis."
The letter also lays out some of the steps that AFSA itself is taking to support consumers, including continuing to promote the AFSA Education Foundation’s MoneySKILL. The program is increasing its outreach and is seeing an uptick in use as parents and caretakers homeschool their children.
The comment letter is just one of the many ways AFSA is reaching out to promote the important role that member companies are playing during this crisis. AFSA’s federal government affairs department has consistently been on the phone with members of Congress and their staff, and has spoken at length with staff at the Consumer Financial Protection Bureau. AFSA’s state government affairs team has been working closely with state regulators nationwide and updating a variety of AFSA member resources. The communications team is closely monitoring the news media and pushing out messaging to members and influencers through social media and reporter contacts.
AFSA staff is working to ensure all stakeholders understand the value AFSA member companies bring to consumers and their communities.
To learn more about how members companies of the American Financial Services Association are responding to the coronavirus, visit our Coronavirus Response page, which is being updated regularly.
March 20th, 2020
