This week, the American Financial Services Association (AFSA) commented on the payday loan disclosures designed by the Consumer Financial Protection Bureau (CFPB).
AFSA emphasized that the definition of “payday loan” should be included in all the documents, especially in the “Initial Screener” questionnaire and the “Introduction of the Interview” transcript, to avoid the possible inclusion of non-payday lending data. AFSA suggested the inclusion of the following definition of a payday loan:
“A payday loan is a transaction for a fee involving accepting a check dated on the day it is written and held for a period of time before it is deposited. Payday loans do not include loans that are paid back in equal monthly payments over a set period of time.”
AFSA Comments to CFPB on Payday Loan Disclosures
Dec 16, 2020
This week, the American Financial Services Association (AFSA) commented on the payday loan disclosures designed by the Consumer Financial Protection Bureau (CFPB).
AFSA emphasized that the definition of “payday loan” should be included… Read the rest
WATCH | Essentials for Success in the New Economy: Gaining ROI on Digital Strategies
Dec 16, 2020
Join us TOMORROW at 2:00 p.m. ET for Essentials for Success in the New Economy: Gaining ROI on Digital Strategies, presented by
The shift to digital financial services has been happening for years, but COVID has been a reality check for firms… Read the rest
AFSA Comments on Small Business Lending Rulemaking
Dec 15, 2020
“Small businesses are crucial to the American economy and to the millions of Americans who run them, are employed by them, and who patronize them,” AFSA wrote to the CFPB this week, adding, “Credit availability, in turn, is critical to the well-being… Read the rest
AFSA Comments on PACER Access Legislation
Dec 14, 2020
The American Financial Services Association (AFSA) today submitted a comment letter to Judiciary Committee Chair Lindsey Graham (R-SC) urging that he amend H.R. 8235 the Open Courts Act. The bill, as drafted, would allow free access to the… Read the rest
AFSA Advocacy Successful in House-passed NDAA
Dec 11, 2020
This week, the U.S. House of Representatives overwhelmingly passed the National Defense Authorization Act. President Trump has threatened to veto the bill citing its lack of legislative language removing legal liability protections… Read the rest
AFSA and Federal Agencies Provide Educational Resources During COVID-19
Dec 11, 2020
Friday was officially Director Kathleen Kraninger’s second anniversary as Director of the Consumer Financial Protection Bureau (CFPB). The second year of Director Kraninger’s tenure has been marked with unprecedented challenges as … Read the rest
Essentials for Success in the New Economy: Gaining ROI on Digital Strategies
Dec 10, 2020
Join us on December 17 at 2:00 p.m. ET for Essentials for Success in the New Economy: Gaining ROI on Digital Strategies, presented by
The shift to digital financial services has been happening for years, but COVID has been a reality check for… Read the rest
2020 By the Numbers
Dec 10, 2020
2020 has been an unprecedented year for all of us. It has, however, reinforced that consumer credit of all types is crucial to sustaining American businesses and households.
Just as our members adapted to meet the financial needs of their customers,
AFSA Comments on Electronic Service
Dec 09, 2020
AFSA’s State Government Affairs (SGA) team recently sent a comment letter to the Texas Supreme Court regarding proposed amendments to the Texas Rules of Civil Procedure that would permit electronic service of citation by social media, email,… Read the rest
AFSA Education Foundation 2020 – A Year to Remember
Dec 08, 2020
As we approach the close of 2020, I want to provide an update on the many successes of the AFSA Education Foundation. Most importantly, I thank our AFSA members for their support.
In 2020, the foundation marked its 30th anniversary. To celebrate… Read the rest