The American Financial Services Association (AFSA) this evening sent a letter to Reps. James McGovern (D-MA) and Tom Cole (R-OK), the Chair and Ranking Member of the House Rules Committee, and Reps. Adam Smith (D-WA) and Mac Thornberry (R-TX), Chair and Ranking Member of the House Armed Services Committee, which has jurisdiction over the National Defense Authorization Act (NDAA), calling on committee leaders to protect consumers’ access to credit. At issue are continued efforts by some Members to insert an amendment into the NDAA imposing a 36 percent interest rate cap on all American consumers. The NDAA is an annual “must pass” bill and is expected to be taken up by the Rules Committee Friday morning.
The letter notes that arbitrary rate caps have the unintended consequence of placing greater pressure on consumers to borrow more than they need, resulting in higher finance changes, longer repayment periods, and higher overall costs, despite having a lower interest rate.
“A consumer rate cap has been rejected by the Congress on several occasions, most of all due to its negative impacts on low- and moderate- income consumers, underserved and unbanked communities, and/or borrowers with little or no credit history,” wrote Bill Himpler, President & CEO of Congressional Affairs with AFSA. “Not being able to access credit from the traditional banking system will force these consumers outside the banking system to entities with greater risk, higher prices, and less protections.”
The American Financial Services Association (AFSA) this evening sent a letter to Reps. James McGovern (D-MA) and Tom Cole (R-OK), the Chair and Ranking Member of the House Rules Committee, and Reps. Adam Smith (D-WA) and Mac Thornberry (R-TX),… Read the rest
The U.S. House of Representatives this week is considering amendments to the National Defense Authorization Act (NDAA). Among the amendments is one offered by Rep. Jesus “Chuy” Garcia (D-IL) and Rep. Glenn Grothman (R-WI) that would impose… Read the rest
Join us on July 16th at 2:00 p.m. for The Aftermath of the COVID-19 Crises: Establishing Resilience with Your Risk Assessment Decisions, presented by FICO.
The current global crises have made a significant impact on auto finance industry… Read the rest
This week, AFSA wrote a letter to Congress in support of the E-SIGN Modernization Act (S. 4159). This piece of legislation would streamline how consumers consent to receiving electronic documents like billing statements, account information,… Read the rest
AFSA, along with more than 125 other trade associations representing a broad swath of the American economy, today submitted a letter supporting S. 4117, The Paycheck Protection Program (PPP) Small Business Forgiveness Act. The bill “would… Read the rest
Last week, the American Financial Services Association (AFSA) joined other financial services trade associations in a letter to the Federal Communications Commission (FCC) regarding the agency’s draft order on call blocking. … Read the rest
Join us on July 16th at 2:00 p.m. for The Aftermath of the COVID-19 Crises: Establishing Resilience with Your Risk Assessment Decisions, presented by FICO.
The current global crises have made a significant impact on auto finance industry … Read the rest
Today, the U.S. Small Business Administration (SBA) released loan data for its Paycheck Protection Program (PPP), in which some American Financial Services Association members participated. You can review the overall data here and here… Read the rest
The American Financial Services Association is – in a single event – bringing together the best of the Annual Meeting and Independents Conference & Expo. Join the leaders of the consumer credit industry at AFSA’s… Read the rest
The American Financial Services Association yesterday submitted a letter to Senate Armed Services Committee Chairman Sen. James Inhofe (R-OK) supporting the 2021 National Defense Authorization Act (NDAA).
The letter highlighted AFSA… Read the rest
