Today, the CFPB released a blog post entitled, Examining the potential impact of high vehicle costs on Americans with deep subprime credit scores. The report concluded, “It seems likely that many deep subprime consumers have been priced out of the auto loan market, at least temporarily. Unfortunately, available data don’t allow us to explore what these consumers are doing instead of buying vehicles.”
The CFPB will continue to seek additional data resources to learn more about deep subprime auto lenders who do not report to credit bureaus.
It’s assuring to see Washington policymakers share the same concerns as AFSA regarding subprime consumers being potentially priced out of access to credit, in this case for vehicle financing. The CFPB’s post is also a timely and helpful reminder that there are policies, such as interest-rate caps on small dollar consumer loans, that also severely hinder access to credit for many subprime consumers in tough times like these, and which policymakers can ensure will not harm consumers.
Today, the CFPB released a blog post entitled, Examining the potential impact of high vehicle costs on Americans with deep subprime credit scores. The report concluded, “It seems likely that many deep subprime consumers have been priced … Read the rest
The Better Business Bureau, International (BBB) has released a report on predatory payday and cash-advance lenders and debt collection scams. The report generally raises three issues. First, the BBB says its “scam tracker” identified … Read the rest
The Center for Responsible Lending (CRL) is out with a new report that is a lot like its other reports on consumer credit and predatory lenders. But this time, there’s a twist.
Rather than focusing on the unhelpful fallout of state-based interest-rate… Read the rest
This week, CEOs from some of the largest U.S. banks provided testimony before the House Financial Services and Senate Banking Committees regarding several issues, including a proposal from Senator Jack Reed (D-RI) to expand the Military… Read the rest
The featured AFSA Business Partner for September is Allied Solutions. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2022. Learn more at alliedsolutions.net.
What … Read the rest
The New York Federal Reserve released a report on Tuesday noting that credit card debt in 2022 has surged in the second quarter, up $46 billion or 5.5% as compared to the first quarter. “Americans are borrowing more, but a big part of the increased… Read the rest
AFSA’s State Government Affairs team recently released its latest White Paper. This month’s white paper is on electronic and remote online notarization. The white paper takes a deep dive on the legislative and regulatory history of electronic… Read the rest
The featured AFSA Business Partner for August is Lightico. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2022. Learn more at lightico.com.
What are some key initiatives… Read the rest
Today, AFSA commented on the several amendments under consideration before the House Rules Committee regarding the FY2023 National Defense Authorization Act (NDAA). Below is a quick summary of those amendments.
- AFSA Supports the Perlmutter
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The New York Times published a feature on the financial challenges active military servicemembers face. As with many of the journalistic efforts of late covering the consumer credit market, what’s more interesting than what is in the story… Read the rest
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