The American Financial Services Association (AFSA) and fellow trade associations wrote to Congressional leaders supporting the extension of the Paycheck Protection Program (PPP). The loan program, scheduled to end on March 31, originated from the Coronavirus, Aid, Relief, and Economic Security (CARES) Act. The PPP provides assistance to small businesses to keep their employees on the payroll. Small businesses are eligible for full loan forgiveness if employers maintain employee and salary levels.
AFSA supports the PPP as outlined in the CARES Act, but has consistently advocated for changes in how the program is being implemented. For instance, AFSA has asked both the Trump and Biden administrations to make it clear that financial institutions are eligible to receive loans under the program and eligible for loan forgiveness.
AFSA Advocacy Successful in House-passed NDAA
Dec 11, 2020
This week, the U.S. House of Representatives overwhelmingly passed the National Defense Authorization Act. President Trump has threatened to veto the bill citing its lack of legislative language removing legal liability protections… Read the rest
Friday was officially Director Kathleen Kraninger’s second anniversary as Director of the Consumer Financial Protection Bureau (CFPB). The second year of Director Kraninger’s tenure has been marked with unprecedented challenges as … Read the rest
AFSA Comments on Electronic Service
Dec 09, 2020
This week, Federal Reserve (Fed) Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin testified before the Senate Banking Committee and House Financial Services Committee to discuss the federal government’s response to … Read the rest
The Consumer Financial Protection Bureau (CFPB) yesterday released a new suite of resources for consumers who may have difficult making mortgage payments as a result of the coronavirus pandemic.
AFSA encourages its members to share the … Read the rest
The objectives of the bipartisan, bicameral legislation, Jobs and Neighborhood Investment Act, are laudable. These bills, H.R. 7709 and S. 4255, direct billions in new investments to help low-income and minority communities withstand… Read the rest