The Consumer Financial Protection Bureau (CFPB) today released a policy statement outlining the responsibility of credit-reporting companies (CRA) and furnishers for credit reporting during the COVID-19 pandemic. Many lenders are setting flexible payment agreements with consumers, and the CFPB’s statement encourages lenders to continue to report accurate information to credit bureaus about any and all voluntary payment relief.

SourceLink is the featured Business Partner for the month of April.

Citi is "committed to helping provide the support and solutions you may need as developments unfold. We are here for you today and in the months ahead and will continue to do what we can to help meet your banking needs."

The American Financial Services Association (AFSA) yesterday (March 31) sent a letter of support to the Federal Reserve Bank of New York on its Commercial Paper Funding Facility (CPFF). The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase unsecured and asset-backed commercial paper rated A1/P1 directly from eligible companies. The letter asks that the CPFF be expanded so that more companies, ones that are not rated A1/P1, can take advantage of it.

The American Financial Services Association (AFSA) today (March 31) submitted a letter of support to the National Economic Council on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

Today the American Financial Services Association, along with other financial services associations, sent a letter to Securities and Exchange Commission Chairman Jay Clayton, requesting that he apply a current expected credit loss (CECL) final implementation date uniformly for both bank and non-bank financial institutions. This is needed to create parity in reporting obligations for financial companies and to allow them to devote their full attention to meeting consumer and business needs in the wake of COVID-19.

Hudson Cook, LLP has established a Coronavirus Resource Page which contains important documents and links for clients and the consumer credit industry. The firm has also scheduled additional sessions of it's popular Compliance Coffee Break series.

On March 30, the American Financial Services Association joined several other trade associations on a petition to the FCC requesting an immediate ruling, clarification, or waiver regarding parts of the Telephone Consumer Protection Act. Specifically, the petitions asks that certain phone calls utilizing an auto-dialer system and text messages to consumers related to COVID-19 from financial institutions be permitted without the consent of the called party may be permitted pursuant to the TCPA’s “Emergency Purposes Exception.”

During this time of uncertainty, the American Financial Services Association and its member companies are doing their best to help consumers maintain their financial security and flexibility, while also continuing to support the communities where our members live and work. In this unprecedented moment, it is important for us to provide help where we can and to look for ways to perhaps do a bit more.

Truist is pledging $25 million in philanthropic support which will for provide aid for basic needs, medical supplies, and financial hardship across the nation. The company is also offering payment relief and other programs to assist all personal and business customers to help them work through this trying period.