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 rule states that financing a GAP waiver or other credit products as part of a vehicle-finance transaction with active duty military members or their dependents subjects the transaction to the MLA. You can read our joint statement with the National Automobile Dealers Association (NADA) on this announcement here.
AFSA, its members, and sister trade associations had been requesting the Defense Department repeal Q&A #2 for the past two years, as it was in the best interest of service members and their families. We appreciate the hard work and cooperation provided by Congress, the Pentagon and the Trump Administration to ensure that our military servicemembers and their families again have access to the same types of credit-protection products that their fellow citizens buy every day.
It’s also important to note that AFSA has made clear that it supports the intent and those policies within the Military Lending Act that protect and assist our servicemembers and their families from predatory lenders. In the narrow case of Q&A #2, where the policy prescription was actually harming the very people the Pentagon thought it was helping, the Pentagon did the appropriate thing and fixed the problem.
There are those who may claim that in resolving this issue, the MLA has somehow been weakened. This is simply not accurate. AFSA has detailed why this fix was necessary, and why the fix helps service members.
This policy may have been well intentioned, but it wasn’t fair and in the real world it was harming servicemembers’ personal finances.
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
Luntz Awes the Crowd at AFSA’s Vehicle Finance Conference in Las Vegas
Feb 13, 2020
The keynote speaker at AFSA’s Vehicle Finance Conference & Expo, Frank Luntz, was no where to be found at the start of his speech. Suddenly a familiar voice that has been on cable news air waves for over two decades, made his presence