American Financial Services Association - Himpler: SBA Can Do Right by Businesses & Consumers
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Himpler: SBA Can Do Right by Businesses & Consumers

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American Financial Services Association President and CEO Bill Himpler posted the following related to the current status of federal COVID-19 response lending policies.

Across the country, member companies of the American Financial Services Association (AFSA) are working to help their neighbors in a time of economic uncertainty, whether by delaying payments or working with customers on small dollar loans to help them with employment disruption or emergency expenses. Our auto-finance and installment lending members are proud to serve as leaders in their communities. Take a look at our AFSA member response page for just a small snapshot of the work members are doing in their communities. From supporting food banks to making PPE for frontline medical workers, AFSA members have risen to meet the challenges to the communities in which they live.

They want to continue to be there for American consumers, just as America’s leaders in Washington, D.C., and at the state and local levels want to help families and businesses that are in need of relief due to the COVID-19 pandemic. For our members to be there for others, however, we need immediate action to address the ongoing disparities in interim rules that block installment lenders from receiving the federal government assistance they require.

In authorizing the Paycheck Protection Program (PPP) as part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Trump Administration and Congress moved swiftly to stabilize small businesses and keep employees on the job. However, the initial guidance provided for the PPP by the Small Business Administration (SBA) did not include language that reflected what many of us believed to be Administration and Congressional intent for the program: providing financial assistance to a broad-base of essential businesses, including non-bank consumer lenders. To date, despite the best efforts of many on Capitol Hill and in the federal government, despite many phone calls and letters supporting updates to the interim language, the changes in wording have not materialized.

During good times and uncertain times, AFSA’s member companies are there for consumers … and the American economy. Taken together, our lending annually enables about $1.5 trillion in economic growth. Without the opportunity to draw on funding via the PPP, our members will face uncertainty as to whether they can keep their branch doors open to be there to meet the very certain needs of consumers affected by the employment disruption and financial uncertainty brought on by the COVID-19 pandemic. The thousands of brick and mortar installment lenders want to be there for their consumers. Our vehicle finance companies want to help sustain the hundreds of independent auto dealers. Now we need the SBA to be there for the businesses that will be crucial to jumpstarting the American economy.

The Small Business Administration is fully aware that the current guidelines for PPP fails to fully address the needs of America’s diverse industries in need of assistance now so they can be open to assist the country’s economic needs tomorrow. AFSA appreciates the statements of support, the letters and commitments to help from Members of Congress and the Administration. But we need action now. AFSA members need the SBA to follow through on the intent of policymakers who sought to ensure all lines of essential businesses crucial to the U.S. economy now and moving forward had access to the PPP.

If America is to jumpstart its economy, AFSA members will be on the front line providing the financial support consumes need to sustain themselves in uncertain times. By ensuring that our members can access the PPP, the SBA will be doing the same for businesses, consumers and our nation’s economic security.

Himpler: SBA Can Do Right by Businesses & Consumers
Apr 16, 2020

American Financial Services Association President and CEO Bill Himpler posted the following related to the current status of federal COVID-19 response lending policies.

Across the country, member companies of the American Financial … Read the rest

AFSA Submits Comments on Federal Reserve Funding Facilities
Apr 16, 2020

The American Financial Services Association has been in ongoing contact with officials at the White House, Federal Reserve, Treasury, the Small Business Administration, as well as Congress, regarding the various funding programs for … Read the rest

Remote Working: Best Practices and Strategies
Apr 15, 2020

Join us on April 23 at 2:00 p.m. ET for Remote Work: Best Practices & Strategies, presented by Hudson Cook.

In the age of social distancing, “stay at home” orders, and designation of “essential” and “non-essential”… Read the rest

Premier Partner Highlight: FIS
Apr 14, 2020

Premier Partners provide the American Financial Services Association with significant support to ensure the success of not only the association, but the entire consumer-finance industry. We asked the FIS team, AFSA’s February… Read the rest

LISTEN | Paycheck Protection Program & Employee Considerations on the AFSA Extra Credit Podcast
Apr 13, 2020

The next two episodes of the AFSA Extra Credit Podcast are a bit different. We’ll be talking with attorneys from Troutman Sanders about the impact the coronavirus is having on the consumer credit industry. Throughout the conversation,… Read the rest

WEBINAR | Reporting Automotive Loan Payments During COVID-19 Pandemic
Apr 13, 2020

Join us on April 30 at 2:00 p.m. ET for Reporting Automotive Loan Payments During the COVID-19 Pandemic, presented by Equifax.

Drew Rosedale, Data Contributor Services Leader, Equifax and Jenn Reid, VP Strategy & Marketing, Equifax… Read the rest

Bursting the “Bubble” Myth
Apr 10, 2020

In times of economic uncertainty it is not a surprise that any number of economic prognosticators are out there opining and crystal-ball gazing, whether those views are based on facts or not.

One example of this is the myth of a “bubble”… Read the rest

ACI Reviews COVID-19 Impact on AFSA Webinar
Apr 10, 2020

On April 2, ACI/SpeedPay presented a program entitled Consumer Pulse Survey – Focus on Auto Finance Billing and Payment as part of the AFSA Business Partner Webinar Series.

Darcy Locke, Principal New Business Developer, ACI Worldwide… Read the rest

Letter asks SBA to Expand, Clarify PPP
Apr 09, 2020

The American Financial Services Association (AFSA) yesterday, April 8, submitted a comment letter to Small Business Administration (SBA) Administrator Jovita Carranza asking that the Paycheck Protection Program (PPP) rules be amended… Read the rest

GM Financial Offers Resources to Help Consumers, Communities
Apr 09, 2020

GM Financial has launched a variety of asisstance options for its auto finance consumers. The company is waiving all late fees from March 1 through April 30 and is offering lease end assistance. Learn more at GM's coronavirus pageRead the rest

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