AFSA sent a letter to Subcommittee on Financial Services and General Government Chair Steve Womack (R-AR) encouraging him to include language in the committee’s appropriations bill. The language would prevent the Federal Trade Commission (FTC) from finalizing or implementing the “Motor Vehicle Dealers Trade Regulation Rule.”
The letter noted that the FTC’s proposed rule would limit consumers’ ability to purchase voluntary protection products alongside vehicle purchases.
Americans value and appreciate the ability to purchase additional products to protect their car purchases, including service contracts, guaranteed asset protection, tire and wheel protection, and other asset protectors.
Limiting consumer options, especially at such an economically unstable time, will have negative consequences. AFSA Vice President of Congressional Affairs Ann Harter wrote, “In addition to the FTC’s inability to recognize the importance of voluntary protection products in automobile purchases, the FTC has neglected to follow the typical regulatory process in implementing the proposed rule.”
The FTC omitted the Advanced Notice of Proposed Rulemaking stage of regulation, a crucial part of the process for gathering information from stakeholders, like the industry it intends to regulate. Moreover, the FTC lacks sufficient justification, required under the Administrative Procedure Act, for the proposed rule in the first place.
Congressional oversight of this issue is needed to ensure that consumers are not harmed in vehicle purchases because of a faulty rule.
AFSA Letter Argues for Pro-Consumer VPPs
Jun 22, 2023
AFSA sent a letter to Subcommittee on Financial Services and General Government Chair Steve Womack (R-AR) encouraging him to include language in the committee’s appropriations bill. The language would prevent the Federal Trade Commission… Read the rest
This Thursday | The Secrets To Streamlining Your Originations Processes And Fund Loans Faster
Jun 20, 2023
Join Yotam Haroosh, Director of Consumer Lending, Lightico, to gain insights into how to effectively streamline your originations processes to boost efficiency and accelerate time to funding. In this webinar, we’ll cover the latest… Read the rest
Marking Juneteenth
Jun 19, 2023
“We shall overcome because the arc of the moral universe is long, but it bends toward justice.” –Dr. Martin Luther King Jr.
Juneteenth is a commemoration of the ideals of equality, justice, and freedom, which we strive to perfect for all. In… Read the rest
Chopra Testifies
Jun 15, 2023
This week, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), appeared before both the Senate Banking and the House Financial Services Committees to deliver the CFPB’s semi-annual report to Congress. In the hearings… Read the rest
Court Rules in Milgram v. Chase
Jun 15, 2023
Last week the 11th Circuit Court released its decision in Milgram v. Chase, for which AFSA submitted an amicus brief. The court ruled in in Chase’s favor.
The plaintiff, as well as the Consumer Financial Protection Bureau (CFPB), argued that… Read the rest
Fair Lending Center Stage Part Two
Jun 14, 2023
This episode of the Extra Credit Podcast is Part Two of our conversation with, Philip Bohi, VP of Compliance Education and Dr. Adam Gailey, Principal in the Financial Economics Practice at Charles Rivers Associates, on getting your Fair … Read the rest
Elevate in Salt Lake | Federal & State Update
Jun 13, 2023
Last week, AFSA held its annual Washington Fly-In, an opportunity for many AFSA members to meet directly with a bipartisan group of legislators and policymakers to stress the importance of access to credit. Members of Congress made … Read the rest
The Secrets To Streamlining Your Originations Processes And Fund Loans Faster
Jun 13, 2023
Join Yotam Haroosh, Director of Consumer Lending, Lightico, to gain insights into how to effectively streamline your originations processes to boost efficiency and accelerate time to funding. In this webinar, we’ll cover the latest… Read the rest
Beehive State or Beer State?
Jun 09, 2023
Beehive State or Beer State?
If you’re joining us in the Beehive State for the 2023 AFSA Annual Meeting and you have a thirst for some hoppy goodness, you’re in luck. Salt Lake City may surprise you with its vibrant craft beer scene. Check… Read the rest
News From Our Members | PayNearMe Celebrates Processing $1B in Disbursements For Nonprofit Grameen America
Jun 09, 2023
PayNearMe Celebrates Processing $1B in Digital Loan Disbursements to Fund Low-Income, Entrepreneurial Women For Nonprofit Grameen America
PayNearMe makes disbursing loans as easy, fast and convenient as receiving electronic payments;… Read the rest