This week, the American Financial Services Association (AFSA) sent a letter to the House Committee on Oversight and Reform to share its perspective on recent trends in regulation and regulatory reform. AFSA shares Congress’ views that we should be vigilant in addressing the economic impact of the COVID-19 pandemic. AFSA urges Congress to use a targeted approach for regulation and avoid imposing unnecessary and burdensome regulations.
In its letter, AFSA commented on specific regulations promulgated since 2008 that significantly affected the consumer finance industry. These include:
- 2015 Military Lending Act (MLA) Regulations
- Telephone Consumer Protection Act (TCPA) Regulations
- Current Expected Credit Loss (CECL) Accounting Standard
- Consumer Financial Protection Bureau’s (CFPB) Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule
In addition, AFSA stated that the Federal Reserve should allow finance companies to participate in the Main Street Lending Program (MSLP) and the Small Business Administration make it clear that these companies qualify for Paycheck Protection Program (PPP) loan forgiveness. Moving forward, Congress must avoid imposing new regulations that would hinder economic growth as our country recovers from the COVID-19 pandemic. These potentially harmful new regulations include rate caps, debt collection prohibitions, and credit reporting restrictions.
This week, the American Financial Services Association (AFSA) sent a letter to the House Committee on Oversight and Reform to share its perspective on recent trends in regulation and regulatory reform. AFSA shares Congress’ views that … Read the rest
Tomorrow, September 9 at 3:30 p.m. ET, AFSA Senior Vice President Danielle Fagre Arlowe will represent AFSA at the Nationwide Multistate Licensing System (NMLS) Ombudsman Virtual Meeting. Arlowe will present on the importance of remote… Read the rest
We in DC – and Cal Ripken fans everywhere – just celebrated the 25th Anniversary of his breaking Lou Gehrig’s consecutive-games-played record.
Hear the stories of that season … and better yet, ask the Iron Man himself about it!
Watch… Read the rest
George Fussell, President & CEO of SAFCO was recently appointed to the AFSA Board of Directors. He also serves on the Independents Section Board, Independent Auto Finance Executives Group and the State Government Affairs Committee.… Read the rest
If you require a resource while we upgrade afsaonline.org, please reach out to an AFSA staff member directly. Alternatively, send an email to communications@afsamail.org. We’re happy to help.… Read the rest
This morning, AFSA is launching a new and completely re-designed afsaonline.org. You may notice some odd behavior over the next several hours as make this transition. Additionally, your profile and meeting registration will be unavailable.… Read the rest
The objectives of the bipartisan, bicameral legislation, Jobs and Neighborhood Investment Act, are laudable. These bills, H.R. 7709 and S. 4255, direct billions in new investments to help low-income and minority communities withstand… Read the rest
This week AFSA’s State Government Affairs (SGA) team published a white paper on Optional Protection Products. Optional protection products—sometimes referred to as ancillary or voluntary protection products—are sold and financed… Read the rest
This week, AFSA joined other trade groups in commenting on the Federal Communications Commission’s (FCC) proposed rulemaking to implement the TRACED Act. Specifically, the trades expressed support for the FCC’s goal of eliminating illegal… Read the rest
The featured Business Partner for August is ACI. We asked them a few questions about their business and what they’re seeing in the economy. Learn more at aciworldwide.com.
What is the most important issue facing your company right … Read the rest
