On May 12, House Democrats released a new stimulus proposal, dubbed the HEROES Act. The three-trillion-dollar bill may be voted on and passed largely along party lines this Friday. It is not expected to be taken up by the Senate.
The bill does not contain a national rate cap provision, a win for consumers. The bill does include an amendment to the Service Members Civil Relief Act (SCRA) intended to help service members whose permanent change of station (PCS) orders may have changed as a result of the pandemic. A prohibition on another provision, Operation Choke Point, is also included. AFSA is pleased to see both of these inclusions.
At the same time, there are a few items that present some serious concerns including suspending negative credit reporting and altering interest rates. Both of these items would likely reduce consumers’ access to safe, responsible credit options.
AFSA continues to communicate with Members of Congress on provisions in any relief package that would assist AFSA members and the consumers that they serve. This includes credit reporting and debt collection provisions. The association continues to push against any rate cap proposal and continues to advocate for CECL relief, auto-industry assistance, and access to such government loan programs as the Small Business Administration’s Paycheck Protection Program and the Federal Reserve’s Main Street Lending Program.
On May 12, House Democrats released a new stimulus proposal, dubbed the HEROES Act. The three-trillion-dollar bill may be voted on and passed largely along party lines this Friday. It is not expected to be taken up by the Senate.
The bill does… Read the rest
Join Cox Automotive Chief Economist Jonathan Smoke today at 2:00 p.m. ET as he sets the discussion with an Auto Retailing State of the Union.
He’ll share trends and data on where we are, along with indicators that point to where we may be… Read the rest
Today, Peter Welch announced plans to retire at the end of 2020 as President and CEO of the National Auto Dealers Association. Bill Himpler, President and CEO of the American Financial Services Association released the following statement:… Read the rest
With uncertainty around the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and promised extra scrutiny by the Administration, some businesses are considering returning PPP funds they received. While… Read the rest
On May 7 the American Financial Services Association sent a letter to the town of Springfield, Missouri, regarding its new ordinance imposing fees, permits, etc. on “short-term loan establishments.”
The letter, co-signed… Read the rest
This disruptive time has just about everyone adapting to a new normal. The current economic downturn has forced companies everywhere to find new ways to keep their business running, reduce operational expense and comply with social distancing… Read the rest
On May 7th, AFSA SVP Danielle Fagre Arlowe testified before the New Jersey Assembly Commerce and Economic Development Committee hearing on AB 3908, a bill which would make a number of changes to how credit reporting and consumer communication… Read the rest
The American Financial Services Association (AFSA) this week submitted a comment letter to Eric Rosengren, the President & CEO of the Federal Reserve Bank of Boston. The letter expressed the troubling fact that – despite … Read the rest
Welcome to WordPress. This is your first post. Edit or delete it, then start writing!… Read the rest
As part of its Business Partner Webinar Series last week, AFSA hosted Equifax for Reporting Automotive Loan Payments During COVID-19 Pandemic. Drew Rosedale, Data Contributor Services Leader and Jenn Reid, VP Strategy & Marketing… Read the rest
