AFSA appreciates the decision by the Consumer Financial Protection Bureau to suspend enforcement of the Payday, Vehicle Title, and Certain High-Cost Installment Loans regulation, specifically related to the payment withdrawal provisions and the payment disclosure provisions.
AFSA has consistently called on the Bureau to not implement a highly flawed set of policies without first undertaking a full evaluation of the so-called “Payday Rule” and its effects on consumers and businesses. As background, the rules were written almost a decade ago by the CFPB under then-Director Richard Cordray, yet former Director Rohit Chopra and the Biden Administration made its implementation without any review a priority.
When the payday rule was first proposed, AFSA responded that the rule would cut off access to credit for consumers who needed it. Substantial changes were made and when the rule was finalized, we were pleased with the changes. However, as AFSA members worked to implement the payments provisions, which apply to installment lenders and others, as well as payday lenders, it was apparent that the payments provisions would harm, not help borrowers. The rule would unnecessarily restrict borrowers’ payment options, potentially pushing borrowers into late payments. We also noted that the Rule would bury small-dollar lenders & their customers in red tape and recordkeeping.
In making the announcement, the Bureau noted that it took “this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses. The Bureau is further contemplating issuing a notice of proposed rulemaking to narrow the scope of the rule.” AFSA encourages that the Bureau review the rule, and we look forward to providing comments.
CFPB’s Payday Pullback
Mar 28, 2025
AFSA appreciates the decision by the Consumer Financial Protection Bureau to suspend enforcement of the Payday, Vehicle Title, and Certain High-Cost Installment Loans regulation, specifically related to the payment withdrawal provisions… Read the rest
AFSA Urges FDIC ILC Policy Withdrawal
Mar 27, 2025
This week, AFSA along with other financial associations, sent a letter urging the FDIC to withdraw its proposed rule that will negatively impact current ILC institutions and discourage future applications.
In July 2024 the FDIC announced… Read the rest
LISTEN | The Presidents’ Podcast
Mar 26, 2025
The latest episode of the AFSA Extra Credit Podcast features the leaders of the AFSA Education Foundation EDGE and Leadership Development programs.
Why it matters: Sandena Peterson, Chris Reyes and Alan Noel share their perspectives on … Read the rest
AFSA Has a List … Wants it Checked Twice
Mar 25, 2025
“Uncertainty” is a term being liberally tossed about nowadays as though it were a new concept to Washington. But as AFSA noted in its recent letter to President Trump’s Domestic Policy and National Economic teams, uncertainty has long been… Read the rest
AFSA Comments on CFPB Proposal for an Auto Loan Survey
Mar 19, 2025
On March 18, 2025, AFSA submitted a comment letter in connection with the CFPB’s proposal to launch an Auto Loan Survey. This proposal was issued on January 17, 2025.
The proposal is unusual because it seeks subjective information about consumer’s… Read the rest
AFSA Comments on IRS Commercial Clean Vehicle Tax Credit Rule
Mar 19, 2025
On March 17, 2025, AFSA submitted a comment letter to the IRS regarding a proposed rule for Commercial Clean Vehicle Tax Credits. This rule intended to clarify aspects of the Section 45W tax credit.
AFSA’s letter provided an explanation of… Read the rest
THIS THURSDAY | AFSA Webinar | Transform Your Auto Finance Strategy: Mastering Margin Management in Uncertain Times
Mar 18, 2025
Join us Thursday, March 20th at 2:00 p.m. EST!
In the fast-paced world of auto finance, staying ahead of the curve is not just a goal—it’s a necessity. In early 2025 the landscape is shifting under our feet, brought on by political shifts, economic… Read the rest
Women’s History Month | Corinne Kirkendall
Mar 13, 2025
AFSA is celebrating Women’s History Month by featuring outstanding female leaders in the consumer credit industry.
AFSA Joins Sister Trades in Providing Feedback to FCC on Revocation Rule
Mar 12, 2025
Last week, AFSA joined the American Bankers Association, ACA International, America’s Credit Unions, and the Mortgage Bankers Association (the Trades) on a call with senior FCC staff to discuss proposed TCPA rules. These rules, which… Read the rest
CRA-ing a Misguided Rule
Mar 12, 2025
The American Financial Services Association joined other trade groups in supporting a Congressional Review Act (CRA) resolution sponsored by Sen. Mike Rounds (R-SD) and Rep. Ralph Norman (R-SC) to overturn the Consumer Financial Protection… Read the rest