The Credit Union Journal published a story (subscription required) regarding a provision excluded from the final version of the House-approved National Defense Authorization Act (NDAA). The language would have granted banks the same rent-free access to land on military bases as credit unions currently enjoy.
At the same time, “Explore Credit Unions” was Tweeting that “Forty percent of banks on military bases have closed their doors over the past 15 years as credit unions receive special treatment from Department of Defense,” and noting that military and families and DoD civilians were the real losers in the shifting competition among financial services institutions.
In a time when servicemembers and their families are increasingly concerned about their financial futures, and are feeling fiscally pressured, they should have access to more financial services options – not fewer – to meet their needs and to address their concerns.
The Department of Defense – and by extension Congress – are tasked with giving our military every tool to gain an advantage in the field of battle and in the defense and protection of our nation. That they would place a thumb on the scale to advantage one set of financial institutions over others – and limit the ability of servicemembers and their families to get the financial assistance they may require, is discouraging.
It’s not just traditional banks that are disadvantaged. AFSA members who offer a wide variety of consumer credit products – from traditional installment loans to vehicle financing options – also have a difficult time serving servicemembers with products, largely due to short-sighted policy decisions.
It’s time for policymakers on Capitol Hill and in the Department of Defense, as well as the financial services industry to come together and identify an approach that gives servicemembers the opportunity to access to more financial-services resources – and not just a select few.
Military Personnel are Losing Financial Services Options
Dec 13, 2019
The Credit Union Journal published a story (subscription required) regarding a provision excluded from the final version of the House-approved National Defense Authorization Act (NDAA). The language would have granted banks the same … Read the rest
AFSA Opposes Bill to Eliminate Key Part of Financial System
Dec 12, 2019
AFSA yesterday submitted a comment letter to Senate Committee on Banking Housing & Urban Affairs Chair Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) opposing S. 2839, the Eliminating Corporate Shadow Banking Act of … Read the rest
FTC/CFPB Workshop on Accuracy in Consumer Reporting
Dec 11, 2019
AFSA staff attended the Federal Trade Commission (FTC)/Consumer Financial Protection Bureau (CFPB) Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit… Read the rest
AFSA: Congress Should Address Causes, Not Symptoms in Credit Reporting Issues
Dec 10, 2019
The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The letter expresses concerns… Read the rest
AFSA Attends Critical CCPA Meetings & Hearings
Dec 09, 2019
In the first week of December, AFSA’s State Government Affairs team attended the three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, Fresno and San Francisco.… Read the rest
AFSA Releases Debt Collection Study
Dec 06, 2019
The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s… Read the rest
Misguided and Misinformed on APR
Dec 05, 2019
Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members … Read the rest
LISTEN | Obstacles to Digital Adoption on the Extra Credit Podcast
Dec 05, 2019
On episode five of the AFSA Extra Credit Podcast, we're speaking with John Findley, CEO of LemonadeTraining, a company that helps businesses develop game-based education programs. We talk a bit about game-based training, but really… Read the rest
AFSA’s Cyber Monday Sale!
Dec 02, 2019
AFSA is getting in on the cyber Monday craze!
If you register for the 2020 Vehicle Finance Conference & Expo between now and 11:59 p.m. ET this evening, you will be for a chance to win
A FREE ROOM NIGHT AND A $50 BELLAGIO GIFT CARD!
Hurry … Read the rest
