The American Financial Services Association (AFSA) sent a letter yesterday to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Charles Schumer (D-NY) requesting that the following measures be included in the Senate pandemic relief package that is expected to be rolled out this week.
- Apply relief from the Current Expected Credit Loss (CECL) standard for the entire financial sector.
- Ensure businesses such as finance companies are eligible for the Paycheck Protection Program (PPP).
- Allow finance companies to use the Main Street Lending Program (MSLP).
- Exclude harmful credit provisions that would actually limit consumers’ ability to access credit like arbitrary rate caps, onerous collections provisions and credit reporting restrictions.
- Update and expand the Term-Asset Backed Securities Loan Facility (TALF) program to help more Americans.
- Support the inclusion of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act) allowing for the signing of critical documents remotely.
- Assist the military under the Servicemembers Civil Relief Act (SCRA) with clear provisions.
- Any relief applicable to small businesses should be applicable to all small businesses.