AFSA’s State Government Affairs team submitted testimony to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state. These adjusters charge high fees but do not offer any additional value beyond what borrowers can already obtain for free by directly negotiating with their creditors. There is substantial and increasing evidence indicating that certain “debt settlement” companies frequently engage in unethical and predatory practices, collecting fees without ever reaching out to lenders.
AFSA remains concerned for the effect this bill would have on its members and their customers in New Jersey, by approving “debt adjusters” who worsen the situation for struggling borrowers. AFSA had previously submitted a comment letter and testimony on this bill.
This testimony and SGA’s other recent advocacy can be found on the direct advocacy section of AFSA’s website.
New Jersey Debt Adjuster Concerns
Dec 20, 2024
AFSA’s State Government Affairs team submitted testimony to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state. These adjusters charge high… Read the rest
FTC’s Final “Junk Fees” Rule
Dec 20, 2024
The Federal Trade Commission has released its final “junk fees” rule. AFSA is pleased to report that the final rule is much narrower in scope and does not apply to financial services. The final rule includes a definition for “Covered Good… Read the rest
Lump of Coal? A Hawkish Rate Cut
Dec 20, 2024
The Federal Reserve’s Federal Open Market Committee (FOMC) on December 18 lowered the federal funds rate target by 25 basis points, a quarter percentage point. The target range now stands at 4.25 percent to 4.5 percent, a full percentage… Read the rest
A Push for a Delay in CTA
Dec 20, 2024
Yesterday, AFSA joined other trade groups in encouraging the delay of the Corporate Transparency Act’s (CTA) year-end compliance deadline for existing entities. The letter highlights the vagaries of the reporting requirements, as well… Read the rest
AFSA’s Latest C3 Index Released
Dec 19, 2024
The last few years have been challenging for consumers and providers of consumer credit alike. An historically sharp increase in interest rates, a slow slide in economic growth following a post-pandemic boom, growing household financial… Read the rest
The Industry Pulse | 2025 Vehicle Finance Conference & Expo
Dec 18, 2024
The Industry Pulse
Join our All-Star Pulse Panel for a comprehensive analysis of 2024 and predictions for 2025 in the vehicle finance ecosystem and the broader global vehicle marketplace. Get the download on the current economic environment… Read the rest
CEO Roundtable | 2025 Vehicle Finance Conference & Expo
Dec 17, 2024
CEO Roundtable
Hear from four senior leaders in the vehicle-finance industry for a fast-paced and insightful discussion on the current business environment. Explore the challenges and opportunities in the marketplace and learn how these… Read the rest
AFSA on House Financial Services Chair
Dec 13, 2024
AFSA congratulates Rep. French Hill(R-AR), on his election to the Chairmanship of the House Financial Services Committee. AFSA has worked with Representative Hill on a number of issues crucial to American consumers and the consumer credit… Read the rest
Seeking Debt Collection Clarity
Dec 13, 2024
AFSA’s State Government Affairs team submitted a comment letter to the New York Department of Consumer and Worker Protection. The department is attempting to promote fair debt collection practices and AFSA is seeking clarification of… Read the rest
Chopra’s Final Hearing This Congress
Dec 13, 2024
Yesterday, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. AFSA attended the hearing, entitled “Consumer Protection: Protecting… Read the rest