AFSA’s state government affairs team this week sent a letter to the California Senate raising concerns with SB 1311. Among other provisions, the bill would void the security interest in a vehicle financed by a covered service member if the contract also funds credit insurance or a credit-related ancillary product. As written, the bill would cut off service members from accessing voluntary protection products, such as guaranteed asset protection waivers.
Voluntary protection products protect consumers from large and unexpected financial liability related to their motor vehicle financing commitment and would cause a significant disruption to California’s credit markets. The bill would also upend the regulatory structure established in the federal Military Lending Act (MLA) by instituting new provisions that do not exist under the MLA. Although the bill purports to close a loophole that would allow service members to waive their protections under the MLA, such a loophole does not exist, as the MLA does not to apply to secured loans such as vehicle finance.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
AFSA’s state government affairs team this week sent a letter to the California Senate raising concerns with SB 1311. Among other provisions, the bill would void the security interest in a vehicle financed by a covered service member if the … Read the rest
AFSA President and CEO Bill Himpler weighed in on the important role Industrial Loan Companies (ILCs a.k.a Industrial Banks) can play for consumers. As the House Financial Services Committee considers legislation that would limit the growth… Read the rest
Smart regulations, fair competition, and increased innovation have always benefitted American consumers. However, this week, Congress focused on four proposals that would create more roadblocks for consumers and small business seeking… Read the rest
Join us on June 2nd for Understanding the Newest Generation of Bill Payers, presented by PayNearMe.
How do consumers ages 18-29 prefer to pay bills? What causes them to pay late? How does this differ from older generations?
In this webinar,… Read the rest
Whether you’re looking to learn more about the digital consumer or understand the newest generation of bill payers, AFSA’s webinar program has you covered.
Register for all of the webinars below at afsaonline.org/webinars… Read the rest
It’s never a good thing for consumers – or for the broader American economy – when legislation is used to accomplish what fair competition cannot. Yet, encouraging policymakers to place a thumb on the scale or to pick winners and losers in a … Read the rest
The 2022 Independent Conference & Expo officially kicked off today in Palm Springs. Attendees participated in committee meetings and networking events beginning with the AFSAPAC President’s Club event on Monday. AFSA members stepped… Read the rest
In a press release, the CFPB has announced that “it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers.”
Under the Dodd-Frank Act, the CFPB has broad supervision authority, including:… Read the rest
Today, the CFPB released guidance regarding vehicle repossessions entitled Bulletin 2022-04: Mitigating Harm from Repossession of Automobiles.
While the guidance does not reflect a broad brush change in policy, the commentary surrounding… Read the rest
Yesterday, a House Financial Services Subcommittee held a hearing on how bank consolidation and the emergence of nonbank financial technology companies (fintechs) are reshaping the banking system. In recent years, fintechs have gained… Read the rest
