This week in the Albuquerque Journal, the group Think New Mexico applauded imposition of a 36% rate cap in the state. But new data and research indicates that rather than helping New Mexico consumers, financial pain and hardship is on its way to the Land of Enchantment.
- A new study from J. Brandon Bolen of Mississippi College, Gregory Elliehausen of the Federal Reserve, and Dr. Thomas Miller of Mississippi State University, found that after the imposition of a 36% rate cap in Illinois, about 36% of those seeking small dollar loans no longer qualified due to poor credit or no credit. In short, folks who needed financial assistance the most couldn’t access safe, responsible credit.
- The 2022 Annual Report from the Congressional Black Caucus Institute found that “proposals to protect consumers from predatory practices through a 36% rate cap would cause more harm than help by limiting consumer access to credit.”
- The National Commission on Consumer Finance, Financial Health Network, and the Consumer Financial Protection Bureau’s own Taskforce on Federal Consumer Financial Law confirmed that rate caps are harmful and unworkable.
Consumers most in need of credit access in New Mexico are already seeing the effects of the counterproductive rate cap. Comparing numbers from the 2021 New Mexico Small Loan Act Annual Report with the current small lending directory shows that more than 215 lenders have left the state. That is roughly 33% fewer credit options for New Mexicans.
Think New Mexico should try to understand the implications of the policies they propose before they force them on people they claim to want to help.
This week in the Albuquerque Journal, the group Think New Mexico applauded imposition of a 36% rate cap in the state. But new data and research indicates that rather than helping New Mexico consumers, financial pain and hardship is on its way… Read the rest
AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Dan Bucherer.
By: Suzi Straffon, … Read the rest
AFSA is excited to announce that we’re releasing a new AFSA Events app – the new app will be ready and rarin’ to go for the 2023 Vehicle Finance Conference & Expo in Dallas!
The AFSA Events app is sponsored by

We’ve… Read the rest
AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Dan Bucherer.
By Badri Sridhar,
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The CFPB is hosting a five-part series of webinars highlighting new approaches for combatting elder financial exploitation.
According to the National Council on Aging, up to five million Americans are victims of elder financial exploitations… Read the rest
AFSA is preparing comment letters on three crucial initiatives that will drastically affect consumer credit.
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The Consumer Financial Protection Bureau’s (CFPB) proposed nonbank registries on “repeat offenders”;
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The CFPB proposed registry
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Your greatest asset isn’t the loan portfolio or the brick-and-mortar stores you have. It’s your people. That’s what we’re tackling at the 2023 Vehicle Finance Conference & Expo in our Sustaining Your Greatest Asset: Human Capital Growth… Read the rest
A new study, currently posted for public comment, has found that rate caps prevent Americans from accessing high-quality credit products they need and want.
The study, entitled Effects of Illinois’ 36% Interest Rate Cap on Small-Dollar… Read the rest

AFSA conferences are chock full of great sessions and networking opportunities.
You will not want to miss an “After Hours” concert with East/West Records America recording artist John Splithoff on Wednesday, January … Read the rest
The AFSA Education Foundation’s MoneySKILL® was featured in the Office of the Comptroller of the Currency’s (OCC) first quarter 2023 Financial Literacy Update.
The OCC’s Financial Literacy Update is a quarterly e-newsletter that reports… Read the rest