Late last night, the Senate agreed to the third coronavirus stimulus package. Media coverage on the bill is comprehensive, but here’s what we think you need to know:
- There is no rate cap included;
- The bill does not deal with any non-mortgage debt collection or repossession issues;
- The credit reporting provisions appear to be codifying what many lenders are already doing;
- Funding to support the Federal Reserve’s lending programs is included; and,
- Lending to small business is also included.
The House plans to vote on the legislation on Friday and we do not expect it to change. The President will sign it as soon as possible after that. Then, Congress will be out of session until April 20.
We are pleased with most of those items, and the federal government’s continued emphasis that financial-service companies are essential businesses. We continue to work on others items that did not make it into Stimulus 3. Mainly, at the federal level, we are asking for: a delay in compliance with the Current Expected Credit Loss (CECL) accounting standard for nonbanks and an expansion of the Federal Reserve’s TALF 2020 program.
At the state level we continue to update our resource page with many updated state coronavirus resources on state employment policy changes, state credit policy changes (proposed and in effect), states of emergency, state DMVs, etc. We are advocating for any state or municipal closures to clearly exclude financial services, and for state regulators to give us time to address coronavirus challenges for our companies and customers before they seek extensive company information. We encourage you to proactively share with your state regulators a general sense of what you are doing in order to help prevent more individual state inquiries. If you have proactively shared information with your state regulators, please let us know, as well, so that we can help advocate with CSBS to encourage their member regulators to give our industry a bit of time and breathing room.
Congress Passes “Stimulus 3,” AFSA Updating State Resources
Mar 26, 2020
Late last night, the Senate agreed to the third coronavirus stimulus package. Media coverage on the bill is comprehensive, but here’s what we think you need to know:
- There is no rate cap included;
- The bill does not deal with any non-mortgage
Looking Back at AFSA’s Success in 2019
Jan 09, 2020
AFSA’s federal government affairs team continued to be highly effective in advocating for the protection of consumer credit and choice in 2019. Below are just a few of the 2019 federal successes.
Rate Caps: Prevented legislation extending… Read the rest
FTC/CFPB Workshop on Accuracy in Consumer Reporting
Dec 11, 2019
AFSA staff attended the Federal Trade Commission (FTC)/Consumer Financial Protection Bureau (CFPB) Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit… Read the rest
AFSA Files Motion for Preliminary Injunction in NV Suit
Oct 09, 2019
Yesterday, AFSA filed a motion for a preliminary injunction in its lawsuit in federal court seeking to enjoin enforcement of the spousal credit history provisions of Nevada SB 311/Ch. 280. The motion is available here.
AFSA first filed suit… Read the rest
AFSA Welcomes CFPB Deputy Director to Annual Meeting
Oct 02, 2019
The American Financial Services Association is pleased to welcome Brian Johnson to the 2019 AFSA Annual Meeting in Nashville.
Mr.Johnson currently serves as the deputy director of the Consumer Financial Protection Bureau (CFPB). Previously,… Read the rest
Press Release | AFSA Challenges New Nevada Credit Provision
Oct 01, 2019
AFSA CHALLENGES NEW NEVADA CREDIT PROVISION
Federal preemption makes new state requirement impossible to implement
Washington – Today (October 1, 2019) the American Financial Services Association (AFSA) and other trade associations… Read the rest
AFSA Comment Letter Expresses Concern on Nevada Law
Aug 27, 2019
AFSA’s State Government Affairs team sent a letter to the Commissioner of the Nevada Financial Institutions Division on SB 311 as a follow up to an in-person meeting with the division on August 22nd. Effective October 1, SB 311 would … Read the rest
AFSA CEO Provides Industry Outlook to Up and Coming Leaders
Jul 18, 2019
AFSA President & CEO Bill Himpler this week spoke to the 31 attendees at the American Financial Services Association Education Foundation Leadership Development Program at the University of North Carolina, Chapel Hill.
The AFSAEF… Read the rest
Winslow examines issues affecting members in latest edition of AFSA Today podcast
Mar 28, 2019
AFSA’s Celia Winslow, Vice President of Legal & Regulatory Affairs, discusses the association’s recent Law & Compliance Symposium and the latest legal and regulatory issues impacting members in the next… Read the rest
AFSA Provides Input on Cybersecurity to Key Senate Committee
Mar 18, 2019
Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information.… Read the rest