AFSA’s State Government Affairs team submitted a comment letter to the Kentucky department of Revenue regarding the state’s U-Drive-It Program and recent guidance affecting credit insurance and debt cancellation products.
In the letter, AFSA raised concerns about the department’s interpretation of refund requirements under KRS 138.463. Specifically, AFSA urged the department to clarify that refunds for credit insurance and debt cancellation products must be calculated using an actuarial method or another method no less favorable to consumers. AFSA emphasized that lenders and servicers need this clarification to ensure compliance and protect consumers’ financial interests when early payoffs occur.
The lack of clear guidance could result in inconsistent practices across the industry and may expose lenders to regulatory risk. AFSA recommended the department issue formal clarification and consider working with the department of Insurance to ensure consistency for all related products.
This and other SGA letters can be found on the direct advocacy section of AFSA’s website.
Kentucky’s U-Drive-It Program
May 08, 2025
AFSA’s State Government Affairs team submitted a comment letter to the Kentucky department of Revenue regarding the state’s U-Drive-It Program and recent guidance affecting credit insurance and debt cancellation products.
In the letter,… Read the rest
CFPB Steps Away from BNPL and Toward Military Issues
May 08, 2025
On May 6, the CFPB announced more details on its priorities. The agency said that it is not prioritizing enforcement actions based on an interpretive rule published in May 2024. That rule articulated the circumstances in which buy-now-pay-later… Read the rest
Industry Expertise | Vehicle-finance fraud is a $9 billion problem. Here’s how to combat it.
May 07, 2025
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners’ to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan … Read the rest
AFSA Education Foundation in Action
May 07, 2025
Financial Literacy Month is a wrap and the AFSA Education Foundation was honored to attend the U.S. Treasury Department‘s financial literacy roundtable hosted by its Offices of Community and Economic Development and Consumer Policy. … Read the rest
May White Paper | APR
May 07, 2025
AFSA’s May State Government Affairs white paper details how states are increasingly considering “all-in” rate caps that redefine how APR is calculated. These new laws, often modeled after the Military Lending Act’s broader MAPR definition,… Read the rest
House Gives CFPB a Haircut
May 07, 2025
The House Financial Services Committee approved legislation this week to reduce by almost 60 percent the funding the Consumer Financial Protection Bureau can receive from the Federal Reserve. The committee voted along party lines, 30-22,… Read the rest
Usage-Based Models: Reinventing Auto & Equipment Finance
May 06, 2025
In today’s competitive financial landscape, staying ahead requires more than just traditional approaches to asset finance. When it comes to money at work between lenders and borrowers, usage-based financing is transforming auto and equipment… Read the rest
This Thursday | The Future of Payments: Debit-Driven Consumers, Flexible Tech, and Lower Delinquencies
May 06, 2025
Join us Thursday, May 8th at 2:00 p.m. ET!
Consumer preferences are shifting fast, and payment strategies need to keep up. In this webinar, we’ll explore how modern payment technology is helping financial institutions and merchants meet … Read the rest
THIS FRIDAY | Room Block Reservations Close May 2nd | 2025 Independents Conference & Expo
Apr 30, 2025
Start booking your rooms now!
Deadline Friday, May 2. Please call the reservations line at +1 (888) 591-1234 or use this link to reserve your guest room at the discounted AFSA rate!
You must mention you are with AFSA to receive this special … Read the rest
The Future of Payments: Debit-Driven Consumers, Flexible Tech, and Lower Delinquencies
Apr 29, 2025
Join us Thursday, May 8th at 2:00 p.m. ET!
Consumer preferences are shifting fast, and payment strategies need to keep up. In this webinar, we’ll explore how modern payment technology is helping financial institutions and merchants meet … Read the rest