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 Lending Act (MLA) rate cap to all consumers. The following statement may be attributed to Bill Himpler, President and CEO of the American Financial Services Association:
“The Military Lending Act’s 36% rate cap has not only proven to be unworkable based on recent actions brought by the Consumer Financial Protection Bureau, with active military personnel racking up debt with predatory lenders, but also unknowable, because the Department of Defense to date has released no data on the effect of the rate cap on military personnel and their families.
“Now, in a period of great economic uncertainty, when U.S. consumers may need greater access to credit due to rising prices for everyday staples, including gas to get to work, the House of Representatives may consider creating even greater financial uncertainty with a 36% rate cap for all American consumers. Less access to traditional installment lenders is not the way to help consumers, and the American Financial Services Association will work to ensure policymakers understand the harm that a rate cap could create for both consumers and the broader American economy.”
STATEMENT | House Members Introduce Anti-Consumer Rate Cap Bill
Nov 18, 2021
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
AFSA Outlines Dangers of Credit “Repair” Organizations
Nov 17, 2021
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
Navigating with Confidence Under the Umbrella of Economic Uncertainty
Nov 17, 2021
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
WATCH | Throw the Baby Out with the Bath Water?
Nov 17, 2021
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
Senators Lead Efforts Opposing Postal Banking
Nov 16, 2021
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
Registration Open! | Jon Taffer to Keynote 2022 Vehicle Finance Conference & Expo
Nov 15, 2021
Registration is open for AFSA’s 2022 Vehicle Finance Conference & Expo from March 8th – 10th at the Bellagio Las Vegas.
Need more motivation than meeting up in Vegas? We are pleased to announce that Jon Taffer, star of “Bar… Read the rest
AFSA Attends NCSL
Nov 11, 2021
AFSA’s State Government Affairs (SGA) team recently attended the National Conference of State Legislatures (NCSL) Legislative Summit in Tampa, Florida on November 3 and 4. At the summit, state legislators and regulators as well as … Read the rest
Remembering America’s Finest
Nov 11, 2021
Veterans Day honors the men and women who dedicated their lives in service to our nation’s defense. They’ve chosen to defend the founding principles that make our nation – even in times of great challenge – a model for freedom, justice and human… Read the rest
CFPB Reports on Credit Disputes
Nov 08, 2021
Last week, the CFPB released a report entitled, Disputes on Consumer Credit Reports. The purpose of the report was to document how disputes can appear in credit record data, the characteristics of consumers whose disputes appear on their … Read the rest
November’s Featured Business Partner Is FICO
Nov 08, 2021
November’s Featured Business Partner is FICO. FICO is the world’s leading provider of analytics software, solutions & services that transform the way organizations understand their customers & optimize business processes