The American Financial Services Association (AFSA) and its members who work to serve consumers in Illinois, are deeply disappointed with the governor’s decision to sign legislation that will hinder tens of thousands of Illinois consumers from accessing the credit they need during this time of economic disruption.
The 36% rate cap that policymakers and consumer advocates have claimed will protect consumers in Illinois will actually harm many of them, particularly those most in need of accessing small dollar traditional installment loans.
Small dollar loans are a lifeline for more than 60 million consumers nationwide, and access to credit is directly threatened by anti-consumer, arbitrary rate caps, like the one the governor approved today for Illinois. It is estimated that at least 30% of Illinois consumers will be cut off from access to safe, affordable credit in the state.
In the coming months AFSA and its membership will work to support efforts to fully restore consumers’ access to safe, reliable traditional installment loans in Illinois. We encourage all AFSA members to collect and share data with us on the negative effects this law is having on customers, which will be used toward that end.
Illinois Governor Signs Anti-Consumer Rate Cap Bill into Law
Mar 23, 2021
The American Financial Services Association (AFSA) and its members who work to serve consumers in Illinois, are deeply disappointed with the governor’s decision to sign legislation that will hinder tens of thousands of Illinois… Read the rest
WATCH | Digitization in Auto Finance
Mar 23, 2021
Don’t get caught in the manual processes of 2020, it’s time to digitize. Featuring real-life examples to show the end to end car buying experience from the perspectives of the lender, borrower, and dealer. Learn what it means to digitize in … Read the rest
RELEASE | Broderick to Lead AFSA Vehicle Finance Division
Mar 22, 2021
WASHINGTON, DC, March 22, 2021 – The American Financial Services Association has announced the installation of Sandra Broderick, Head of Operations, Santander Consumer USA, as the 2021 AFSA Vehicle Finance Division Chair.
Broderick is… Read the rest
AFSA Supports SAFE Banking Act
Mar 19, 2021
On March 16, AFSA submitted a letter to Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) expressing its strong support for the bipartisan-backed Secure and Fair Enforcement (SAFE) Banking Act of 2021. Sponsored by Representatives… Read the rest
AFSA Raises Concerns with CT Disclosure Bill
Mar 19, 2021
On March 16, AFSA sent a letter to the Connecticut Joint Banking Committee raising concerns with SB 745, which would create a new set of disclosures that commercial lenders would be required to provide borrowers at the time credit is initially… Read the rest
A Radical Regulatory Proposal
Mar 18, 2021
When it comes to laws and regulations around consumer credit, some policymakers, as the saying goes, seem intent on killing a fly by burning down the house. Sure, you address the issue, but consider all that ancillary damage.
That’s the point… Read the rest
WATCH TODAY | Changing Consumer Behaviors
Mar 18, 2021
The automotive industry has faced its share of obstacles and uncertainty over the last 12 months, from the pandemic itself, the rush to implement digital retailing solutions and accommodating the consumer through new and redefined dealership… Read the rest
Auto Loan Defaults and Repossession at Historic Lows
Mar 17, 2021
Last week, the House Financial Services Subcommittee on Consumer Protection and Financial Institutions held a hearing with several advocacy groups and coalitions to examine policy options to help consumers through the pandemic. Several… Read the rest
Keynote Announcement | Charlie Gasparino Joins AFSA on the Gold Coast
Mar 17, 2021
AFSA is pleased to welcome Charlie Gasparino, Senior Correspondent with Fox Business News and one of America’s most storied business reporters, as the opening keynote speaker for the LIVE 2021 Independents Conference & Expo.
As… Read the rest
Discussing All Sides of Industrial Loan Companies
Mar 16, 2021
Washington, D.C. may be operating under one political party at both ends of Pennsylvania Avenue, but that doesn’t mean only one side of public policy should be discussed.
Unfortunately, that’s exactly what happened on March 12, when the Bank… Read the rest