On November 29, AFSA’s Director of State Research and Policy, Matt Kownacki, testified at a District of Columbia Council committee hearing in opposition to B24-0357. The bill would permanently amend DC’s laws relating to debt collection to place significant new restrictions on creditors collecting from and communicating with their customers. While AFSA’s members are committed to preventing abusive collection practices, some of the proposed bill’s provisions would result in immediate confusion for borrowers and their lenders, make it difficult to communicate with consumers, harm those whose accounts are delinquent, and likely limit the availability of credit for borrowers in the District. The testimony follows a November 23 joint letter with the Card Coalition.
In the testimony and letter, AFSA raised issue over the bill’s vague definition of creditor. Unlike current federal law, the proposed bill does not appropriately distinguish between original creditors and debt buyers and third-party debt collectors. In addition, AFSA voiced concerns over the restrictive limit on call attempts. AFSA also commented on many other provisions of the proposed bill, including the disclosures, a prohibition on collecting exempt funds, vague definitions, indirect vehicle finance, debt validation, the private right of action, and the proposed repossession ban.
This letter and testimony, along with SGA’s other advocacy, can be found on the direct advocacy section of AFSA’s website.
On November 29, AFSA’s Director of State Research and Policy, Matt Kownacki, testified at a District of Columbia Council committee hearing in opposition to B24-0357. The bill would permanently amend DC’s laws relating to debt collection … Read the rest
AFSA’s December Featured Business Partner is LexisNexis Risk Solutions.
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce … Read the rest
This blog post is presented by Transunion as part of AFSA’s Business Partner Webinar Program.
Vehicle sales will continue to decline as inventory shortages impact retail and wholesale supply chains. As such, auto lenders are… Read the rest
AFSA and a coalition of trade associations (the “Trades”) filed an amicus brief supporting TD Auto Finance in Pulliam v. TD Auto Finance, a case concerning the Federal Trade Commission (FTC) Holder Rule. Under this rule, every consumer … Read the rest
This week, AFSA submitted a letter for the record to the House Small Business Committee requesting that Congress instruct the Small Business Administration (SBA) to clarify that finance companies are eligible for Paycheck Protection Program… Read the rest
This week, Reps. Jesús “Chuy” García (D-IL), Glenn Grothman (R-WI), and other House Democrats reintroduced a 36% “all-in” rate cap bill. The bill, entitled, The Veterans and Consumers Fair Credit Act (H.R. 5974), would extend the Military… Read the rest
In a letter to the Democratic and Republican leaders on the Senate Banking Committee, AFSA shared its thoughts on the current state of credit reporting.
Specifically, AFSA highlighted the increasing number of frivolous or duplicative credit… Read the rest
The following blog post is from LexisNexis Risk Solutions as an add-on to their recent Extra Credit Podcast episode with Solomon Semere, Senior Director, Credit and Marketing Strategy and Craig Stockum, Sales Director.
Historically, the… Read the rest
At some point in your product evolution, you’ll reach a point where you’ll ask yourself, “Is it time to start over?” It’s inevitable. Or it should be. But, what if you’ve recently gotten in bed with your once-top competitor and are supporting… Read the rest
Today, Senator John Boozman (R-AR) led a group of 19 Senators opposing the United States Postal Service’s (USPS) expansion into banking.
In September, the USPS launched a banking pilot program to expand consumer financial services to limited… Read the rest
