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American Financial Services Association

A Helpful Reminder from the CFPB

Articles by: gmcgurn@afsamail.org

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.

A Helpful Reminder from the CFPB
Sep 29, 2022

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 BBB Must be Better on Consumer Credit
Sep 27, 2022

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

Don’t Be Fooled … All Lenders Are Not the Same
Sep 23, 2022

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

Senate Hearing Highlights Rate Cap Concerns
Sep 23, 2022

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

September Featured Business Partner | Allied Solutions
Sep 06, 2022

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

Fed Report Highlights Need for Credit Access
Aug 04, 2022

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

SGA Covers Electronic and Remote Online Notarization
Aug 03, 2022

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 electronicRead the rest

August Featured Business Partner | Lightico
Aug 01, 2022

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 initiativesRead the rest

AFSA Comments on the Several Amendments Regarding the FY2023 NDAA
Jul 11, 2022

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
Read the rest

All the News That Fits a Narrative
Jul 06, 2022

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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