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AFSA Weighs In on Senate Hearing

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Today, the U.S. Senate Banking, Housing and Urban Affairs Committee held a hearing on financial protections for servicemembers and their families. In advance of the hearing, AFSA sent a letter to Chairman Sherrod Brown (D-OH) and Ranking Member Tim Scott (R-SC) thanking them for holding the hearing and stressed the importance of keeping access to credit for military members and their families available.

AFSA’s letter cited the nonpartisan Urban Institute’s study, which found earlier this year that expansion of the Military Lending Act “did not lead to better credit and debt outcomes for service members most likely to be affected by this policy.”  The study also found that for “the most vulnerable service members—those with deep subprime credit scores, the policy may have had negative effects by limiting their access to credit.”  The Urban Institute concluded that expansion of the MLA would not be effective in improving Americans’ credit health. AFSA encourages Congress to heed this study and not expand the MLA.

AFSA also highlighted its Education Foundation, which promotes the delivery of quality personal finance education.  For more than 30 years the foundation has provided free personal finance curricula, resources, and training to educators of all types so that consumers can learn responsible money management and gain a better understanding of the credit process. Educational programs like this rather than government overreach should be utilized to help Americans gain greater financial stability.

 

AFSA Weighs In on Senate Hearing
Nov 02, 2023

Today, the U.S. Senate Banking, Housing and Urban Affairs Committee held a hearing on financial protections for servicemembers and their families. In advance of the hearing, AFSA sent a letter to Chairman Sherrod Brown (D-OH) and Ranking… Read the rest

AFSA Seeks Deliberate Rulemaking by CFPB
Nov 02, 2023

Last week, AFSA joined many other trade associations representing a vast array of financial institutions, in a letter to the Consumer Financial Protection Bureau (CFPB) requesting an extension of its comment period on the Dodd-Frank Act… Read the rest

FEATURED BUSINESS PARTNER | Flagstar Bank
Nov 02, 2023

The featured Business Partner for the month of November is Flagstar Bank.

Flagstar Bank is a leading regional bank headquartered in NY with over $100 billion in assets and a robust Corporate Banking Division. Within Corporate Banking, we … Read the rest

November White Paper on Debt Settlement Companies
Nov 02, 2023

Our latest white paper is now available. This month’s white paper takes a deeper look into debt settlement companies.

Debt settlement companies promise to reduce consumer debt significantly, but they charge high fees and may not disclose… Read the rest

Ready to Get to Work
Oct 26, 2023

It was good to see new Speaker of the House of Representatives, Rep. Mike Johnson (R-LA), move quickly to get the chamber refocused on taking up the peoples’ business.

While the past several weeks created some uncertainty, it also focused attention… Read the rest

AFSA Corrects CFPB’s Misconceptions on Powerbooking
Oct 26, 2023

This week, AFSA commented on the Consumer Financial Protection Bureau’s Summer 2023 Supervisory Highlights. This CFPB report shares its perspective on certain practices, including new or updated areas of focus in supervisory reviews.… Read the rest

Happy Holidays?
Oct 23, 2023

The consumer credit market received early good tidings last week with the National Retail Federation’s holiday spending outlook. Based on a survey of more than 8,000 consumers, it found that the more than 90 percent of American adults planning… Read the rest

Pennsylvania HB 1580 – Remote Work
Oct 19, 2023

This past week, AFSA’s State Government Affairs team sent a letter to the Pennsylvania House Commerce Committee expressing support for HB 1580.

This bill would permit specific personnel from licensed sales finance companies to engage in… Read the rest

Lifting the Hood on New Auto Data
Oct 18, 2023

Cox Automotive reported that auto loan performance remained a mixed bag in September. Delinquency rates continued to rise but are not translating to higher defaults rates. The share of loans delinquent for 60 or more days increased for the… Read the rest

October White Paper | Consumer Complaints 2023 Update
Oct 16, 2023

AFSA’s State Government Affairs’ latest white paper is now available. This month’s white paper delves into top consumer complaints reported by states.

Consumer complaint information can serve as a valuable resource for financial… Read the rest

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