This week, the American Financial Services Association (AFSA) submitted a comment letter to the Federal Communications Commission (FCC) on its report on call blocking. AFSA wholeheartedly supports the FCC’s effort to stop illegal robocalls, which scammers and fraudsters use to prey on American citizens. The proposed efforts, however, are blocking legitimate phone calls and the FCC must take appropriate action to ensure these calls get through to consumers.
Voice service providers have been aggressive in their efforts to prevent illegal calls. Unfortunately, they are using simple identifiers, such as call volume, to determine which calls should be blocked. As a result, companies do not have a way of knowing when their calls are being blocked, and consumers are missing legitimate phone calls from businesses, such as banks and financial institutions that happen to make a high volume of calls. Financial institutions need to reach their customers to appropriately service accounts, just as consumers need to receive calls from the financial institutions in order to be reminded about payments, fraud alerts and more.
AFSA recently conducted a study examining the potential negative consequences of financial institutions’ inability to communicate effectively with customers. The study, in part, found that “reducing the number of calls could increase the number of those customers who end up 90+ days past due by nearly 70% for installment loans and over 50% for vehicle finance contracts.” This situation is avoidable.
AFSA’s letter asks the FCC to institute a notification and challenge mechanism for affected companies. To date, voice service providers have not offered any avenue by which a company can explain and justify the purpose of its calls. To this end, AFSA has joined a number of other trades to ask the FCC to require that voice-service providers provide a challenge mechanism for legitimate business and that the providers give notice to callers when a number has been blocked.”
AFSA Asks FCC, “Can You Hear Us Now?”
Feb 28, 2020
This week, the American Financial Services Association (AFSA) submitted a comment letter to the Federal Communications Commission (FCC) on its report on call blocking. AFSA wholeheartedly supports the FCC’s effort to stop illegal… Read the rest
Pentagon Gives the Troops a Win
Feb 27, 2020
The American Financial Services Association confirmed that the Department of Defense will publish in the Federal Register tomorrow a repeal of Question and Answer #2 of its 2017 Interpretive Rule for the Military Lending Act (MLA). The interpretive… Read the rest
RELEASE | DOD Grants Joint NADA/AFSA Petition to Withdraw Q&A 2 from 2017 MLA Interpretive Rule
Feb 27, 2020
FOR IMMEDIATE RELEASE
Contact:
NADA
Jared Allen, Vice President, Communications
o. 703.734.3957 m. 202.412.3881
jallen@nada.org
AFSA
Ed McFadden, Vice President, Communications
o. 202.776.7308 m. 202.402.5036
emcfadden@afsamail.org… Read the rest
Anthony Robles: Underdog to Undefeated
Feb 25, 2020
Born with one leg, 2011 NCAA Champion Anthony Robles became an unstoppable force in college wrestling. Now, Robles shares his strategy for success – harnessing a limitless belief in self and the motivation to accomplish what others… Read the rest
Polls Shouldn’t Drive Public Policy
Feb 24, 2020
The Center for Responsible Lending (CRL) responded to the American Financial Services Association’s recent op-ed with one of their own. The CRL does not dispute the facts we laid out earlier this week related to the organization’s… Read the rest
So-called “Walkaway Loans” are Wrong, Not Prevalent
Feb 20, 2020
Last week The Wall Street Journal published a story on a scam it called “kicking the trade,” which some American Financial Services Association members are aware of as a “walkaway loan” or “stove piping.”… Read the rest
LISTEN | Ginger Herring on the Extra Credit Podcast
Feb 20, 2020
In this episode of the AFSA Extra Credit Podcast, we’re speaking Ginger Herring, President & CEO of 1st Franklin Financial Corp. Ginger is a third generation leader of 1st Franklin, which has been offering consumer credit … Read the rest
RELEASE | MoneySKILL®, Personal Finance Course Demonstrates Effectiveness
Feb 19, 2020
Radio Media Tour Highlights AFSA Education Foundation’s Value
WASHINGTON (February 19, 2020) – – The American Financial Services Association Education Foundation (AFSAEF) marks its 30th anniversary this year; to… Read the rest
TOMORROW | The Borrower’s Digital Lending Journey
Feb 19, 2020
Join us on February 20 at 2:00 p.m. ET for The Borrower’s Digital Journey, presented by REPAY.
Studies of customer feedback tell us that more and more customers prefer self-service options and value flexibility and convenience when… Read the rest
Remembering Irwin Holzman
Feb 18, 2020
It is with profound sadness that I share the news of the passing yesterday of Irwin Holzman, Chairman of Reliable Credit Association, Inc., and for more than half a century a member of the American Financial Services Association. Irwin served… Read the rest