“As you consider potential financial provisions for the COVID-19 response legislation now under discussion, we ask that you refrain from adding new credit reporting provisions that may negatively affect consumers,” the American Financial Services Association and several other trade associations wrote to Senate Banking Committee leadership yesterday.
The CARES Act established requirements that protect consumers and preserve the benefits of accurate credit reporting. Reliable credit reporting serves consumers well, enabling lower-cost and more expansive access to credit. Certain pending legislative proposals that would prohibit the reporting of credit information during the COVID-19 crisis would result in the reporting of inaccurate information.
“Such a change would harm consumers – especially low and moderate-income consumers,” the associations noted, adding, “The removal of multiple records simultaneously could disrupt the ability to generate any report or scores at all, to the detriment of the consumer.” Insufficient payment information could result in lenders making unnecessarily conservative credit decisions, resulting in fewer loans, and reducing overall access to credit.
“As you consider potential financial provisions for the COVID-19 response legislation now under discussion, we ask that you refrain from adding new credit reporting provisions that may negatively affect consumers,” the American Financial… Read the rest
AFSA has expressed concerns about the effect that the Current Expected Credit Loss (CECL) accounting standards have on financial institutions. Earlier this year, Congress extended the implementation date for banks to comply with the new… Read the rest
The featured Business Partner for August is Datascan.
DataScan has established itself as the North American leader in providing dealer floorplan lenders with technology-based solutions for wholesale asset financing and inventory risk… Read the rest
Today the Senate Banking, Housing, and Urban Affairs Committee held a hearing with the Director of the Consumer Financial Protection Bureau (CFBP), Kathleen Kraninger, to discuss the Bureau’s most recent Semi-Annual Report to Congress.… Read the rest
Given the world in which we currently live, companies can no longer return to a static plan. What’s needed now is a dynamic strategy based on the ability to quickly absorb information and rapidly incorporate lessons learned in the marketplace.… Read the rest
Today, the American Financial Services Association (AFSA) joined several other financial services trade associations in a letter urging Congressional leaders to pass legislation to uniformly apply the Federal Accounting Standards… Read the rest
On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) announced a request for information (RFI) on preventing credit discrimination and building a more inclusive financial system. Information about this effort is available… Read the rest
The American Financial Services Association‘s members have for more than a century believed that their success was built on the personal, face to face relationships they have built with their customers, sometimes generations of customers.… Read the rest
We know you’ve missed gathering with new customers; Let AFSA help strengthen your connection to the consumer finance industry!
Take advantage of the best deal all year! Enjoy a single year rate for the remainder of 2020 and 2021, plus FREE… Read the rest
