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AFSA Statement re: Recent Traditional Installment Lending Story

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The American Financial Services Association (AFSA) typically does not comment on the business practices of individual members.

However, in light of yesterday’s story about Mariner Finance in the Washington Post, we feel a response is needed. The beneficial nature of traditional installment loans was fully recognized by the federal government last October when the Bureau of Consumer Financial Protection (BCFP) exempted the industry from the final small dollar rule. Further, former BCFP Director Richard Cordray testified to the benefits of traditional installment lending before Congress in 2015. The BCFP sought to protect consumers from predatory, short-term lenders who entice borrowers into a cycle of debt with quick cash. Traditional installment loans are not this type of product.

AFSA pointed this out to the Washington Post several weeks ago during the course of their research. AFSA will continue to work with members of Congress and the Administration to illustrate the value of traditional installment lending.

See Mariner Finance’s statement on its website.

AFSA Statement re: Recent Traditional Installment Lending Story
Jul 03, 2018

The American Financial Services Association (AFSA) typically does not comment on the business practices of individual members.

However, in light of yesterday’s story about Mariner Finance in the Washington Post, we feel a responseRead the rest

Business Partner Membership Special July/August
Jul 03, 2018

Business Partner Membership Benefits

AFSA MEMBERS WANT TO DO BUSINESS WITH COMPANIES THAT SUPPORT THEIR TRADE ASSOCIATION
JOIN IN JULY AND AUGUST AND RECEIVE A COMPLIMENTARY REGISTRATION TO THE ANNUAL CONFERENCE – A $1300 VALUE

Corporate

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State AGs Monitoring Federal Rollback in Regulations
Jun 28, 2018

While the auto finance industry made certain legislative and regulatory gains dating back to late last year on the federal level, it continues to be an industry regulated in all 50 states, relying on its compliance departments for expert guidance… Read the rest

AFSA Summer Webinars + New Recordings
Jun 27, 2018

So far in the first half of 2018, AFSA’s popular Webinar Series has hosted 10 webinars on a broad range of topics relevant to the consumer credit industry.

AFSA’s Webinar Series calendar is open for July, which is the perfect time… Read the rest

Study Finds Consumers Prefer Flexibility of Car Ownership
Jun 26, 2018

If it seems like conventional wisdom is predicting that the U.S. car market in the not-too- distant future will be dominated by autonomous vehicles, electric vehicles and ride-hailing services, a recent consumer study commissioned by the… Read the rest

AFSA Comments on the Bureau’s “Inherited Regulations”
Jun 25, 2018

AFSA submitted a comment letter on June 25 on the Bureau’s inherited regulations. As part of its “call for evidence,” the Bureau of Consumer Financial Protection sought comments and information to assist it in considering… Read the rest

AFSA Comments on Legislation Affecting Floorplan Lending
Jun 25, 2018

On June 25, AFSA submitted a comment letter to the California Assembly Committee on Banking and Finance in opposition to Senate Bill 1235, which would create a new set of disclosures that commercial lenders would be required to provide borrowersRead the rest

Annual conference addresses issues In the retail automotive channel
Jun 21, 2018

Approximately 60 executives representing the leadership of the American Financial Services Association’s (AFSA) Vehicle Finance Division and the National Automobile Dealer Association’s (NADA) dealers and staff met Read the rest

Kathleen Kraninger selected to be next BCFP Director
Jun 21, 2018

President Donald Trump this week nominated Kathleen “Kathy” Kraninger as the new Director of the Bureau of Consumer Financial Protection (BCFP).

Once confirmed by the Senate, Kraninger will replace the Bureau’s ActingRead the rest

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