Member companies of the American Financial Services Association (AFSA), whether in auto finance or traditional installment lending, are reaching out to customers who are adversely affected by the federal government shutdown, the longest shutdown in U.S. history.
They have activated emergency response initiatives including loan extensions, deferrals and fee-free account actions to help their customers during circumstances beyond their control.
In addition to direct employees of the federal government across the country, lenders say that non-governmental employee contractors and local business owners are also impacted and suffering as a result of the shutdown.
Some companies are treating this situation in the same manner as they would treat customers affected by natural disasters like hurricanes or wild fires. They are offering deferrals, no late fees and special reporting codes to credit bureaus so that the affected customers’ credit report does not show a customer as delinquent.
“Bottom line, every customer has a unique financial situation, therefore, we are good at working with customers to create a plan outside of their normal payment schedule, if needed,” said a spokesperson for an auto lender. “We have a lot of experience in dealing with these types of events, and we have learned you just have to talk to the customers and discuss options that fit their needs”
Another lender with a segment of its customer base serving in the military said it would restructure loans by offering a modification of terms, extensions or refinancing depending on individual situations.
Member companies of the American Financial Services Association (AFSA), whether in auto finance or traditional installment lending, are reaching out to customers who are adversely affected by the federal government shutdown, the longest… Read the rest
The chief executives of five auto finance lenders, representing captives and major banks, will participate in a panel discussion next week at AFSA’s annual Vehicle Finance Conference, capping off three days of deep dives and 30,000-foot… Read the rest
AFSA strives to assemble meeting presentations that address critical issues for consumer finance companies. At the upcoming 2nd Annual Law & Compliance Symposium, AFSA will be featuring speakers from Akerman LLP to address two… Read the rest
This week AFSA submitted comments to the Federal Trade Commission (FTC) on a proposed rule to implement the credit monitoring provisions that Congress passed as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act… Read the rest
WASHINGTON, Jan. 3, 2019- The American Financial Services Association (AFSA) today announced promotions reflecting expanded expertise and increased responsibilities in both its federal and state government policy functions.
Celia… Read the rest
January 2, 2019
Robert Blackwell
Editor-in-Chief
American Banker
SourceMedia LLC
One State Street Plaza, 27th Floor
New York, NY 10004
To the Editor,
A recent story published in American Banker (“Will Congress move to outlaw ‘live’… Read the rest
Today, AFSA’s State Government Affairs department published its 2019 State Legislative Preview and 2018 Review white paper. Published monthly, AFSA’s state white papers typically provide a snapshot in time covering a single… Read the rest
Join us on Tuesday, January 15, 2019 for Optimizing the Usage of Alternative Credit Data in Auto Finance, presented by Clarity/Experian.
The drive to approve as many consumers as possible and boost revenue can leave auto lenders vulnerable… Read the rest
The Consumer Financial Protection Bureau (CFPB) last week announced that it will require mortgage lenders to publicly release fewer details under the Home Mortgage Disclosure Act (HMDA) starting in 2019. AFSA has previously advocated … Read the rest
The AFSA offices will be closed on December 24th & December 25th. AFSA offices will also be closed on Monday, December 31st.
On behalf of the staff at AFSA, we wish you a very joyous holiday and a happy New Year!… Read the rest
