AFSA today sent a request to Capitol Hill encouraging the reintroduction of the “Modernizing Credit Opportunities Act” (MCOA), which has been introduced in previous sessions but not in the current 119th Congress. This legislation would establish uniform federal standards for true lender determinations, while preserving the interconnected framework of federal banking law and providing a […]

Last week, the Senate Banking Committee unveiled its portion of the “One Big Beautiful Bill (OBBB),” as President Trump’s top policy priorities move through Congress. Senate Banking proposed to eliminate funding transferred from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB). Currently, the CFPB funds itself by requesting disbursements from the Federal Reserve and can request up to 12% of the […]

The total balance on Americans’ student loans was $1.6 trillion as of the first quarter of this year, according to the Federal Reserve Bank of New York. This is roughly equal to the balance on outstanding auto loans, coming in behind only mortgages as the largest type of consumer credit. Outstanding student loans are up […]

For more than a hundred years the “Valid When Made” rule served the financial services industry, as well as its customers, well. However over the years state policymakers and the federal courts have taken legislative and judicial steps that undercut the “Valid When Made” rule, creating uncertainty in the market and undercutting well-established federal regulatory […]

This week the AFSA Education Foundation had the privilege of connecting with financial literacy advocates and educators at two events. These gatherings provided meaningful opportunities for the foundation to showcase its free resources, including the MoneySKILL curriculum, and to network with leaders from both the education and public-service sectors. At the National Association of State […]

Join us Thursday, June 12th at 2:00 p.m. EST Your Next Performance Upgrade Is in Your Process. Agentic AI and Intelligent Document Processing are reengineering the auto finance experience – slashing funding times, automating workflows, and delivering compliant, customer-ready journeys at scale. Customers expect speed. Regulators demand precision. And your teams are stuck chasing paperwork. […]

Last week, AFSA responded to the Federal Trade Commission’s (FTC) request for feedback about regulations that create impediments to competition. Our letter shared concerns about how the FTC has shifted policy regarding the Holder Rule in a manner that harms industry and consumers. The Holder Rule is a legal mechanism that makes certain servicers of […]

Join us Thursday, June 5th at 2:00 p.m. EST Auto finance portals are failing to meet customer expectations— according to a recent study, only 2% of industry websites and mobile apps provide a truly valuable digital experience. When portals don’t function as engaging self-service platforms, customers struggle to complete simple tasks like making payments or accessing […]

Last week, AFSA, along with other associations, signed a letter supporting the reconciliation bill in the U.S. House. This legislation builds on the 2017 Tax Cuts and Jobs Act by extending and strengthening key provisions that fuel the Main Street business community. The bill enhances and solidifies three cornerstone provisions for pass-through businesses: the lower individual tax rates, the Section 199A […]

Last week, AFSA, along with other associations, signed a letter to U.S. Senate leadership opposing Amendment 2239 to S. 1582, which proposes an all-in annual percentage rate (APR) cap of 10% for credit cards. While this amendment claims to protect consumers, it will have unintended consequences that harm the very people it seeks to safeguard. Research shows that government-imposed credit cards […]