As Hurricane Ian continues to barrel across Florida and north up the Atlantic coast, and downgraded typhoons ravage the Alaskan coast, American families begin to turn to the hard task of rebuilding. In a time of very little certainty, they can be sure that consumer credit companies are there to help. Whether it’s financing options […]

Today, the CFPB released a blog post entitled, Examining the potential impact of high vehicle costs on Americans with deep subprime credit scores. The report concluded, “It seems likely that many deep subprime consumers have been priced out of the auto loan market, at least temporarily. Unfortunately, available data don’t allow us to explore what these consumers are […]

Yesterday, President Biden gave remarks at a meeting of the White House Competition Council, which is composed of a number of administration officials, including Treasury Secretary Janet Yellen and CFPB Director Rohit Chopra. The President’s speech focused on fees and prices in a number of areas – mobile phones, airlines, gas, prescription drugs, meat and […]

The Better Business Bureau, International (BBB) has released a report on predatory payday and cash-advance lenders and debt collection scams. The report generally raises three issues. First, the BBB says its “scam tracker” identified 750 annual consumer complaints since 2020 regarding payday and cash advance scams; the report also cites some general data from the […]

The Center for Responsible Lending (CRL) is out with a new report that is a lot like its other reports on consumer credit and predatory lenders. But this time, there’s a twist. Rather than focusing on the unhelpful fallout of state-based interest-rate caps on small dollar consumer loans or the rise of predatory online lenders, […]

This week, CEOs from some of the largest U.S. banks provided testimony before the House Financial Services and Senate Banking Committees regarding several issues, including a proposal from Senator Jack Reed (D-RI) to expand the Military Lending Act rate cap to all consumers. Several of the CEOs cautioned that while they supported the principle of […]

Join us on October 6, 2022 at 1:00 p.m. ET for How to Delight Your Dealer and Fund Indirect Loans Faster, presented by Lightico. Auto financial services companies are eager to fund deals faster and increase applications. Increasingly, technological capabilities exist to make that possible. In this webinar with Yotam Haroosh, Director of Consumer Lending […]

A bipartisan group of Senators sent a letter today expressing their support for industrial loan company (ILC) charters to Martin J. Gruenberg, acting chair of the Federal Deposit Insurance Corporation (FDIC). Led by Senators Mitt Romney (R-UT) and Catherine Cortez Masto (D-NV), the group highlighted how ILCs are an integral and necessary part of the […]

On September 12 AFSA submitted a comment letter on the Federal Trade Commission (FTC) proposed Motor Vehicle Dealers Trade Regulation Rule. The Consumer Bankers Association (CBA) also joined the letter. The Rule designates a variety of vehicle dealer business practices as unlawful under the FTC’s authority to prohibit deceptive and unfair acts or practices. The […]

The AFSA Fixed Income Investor Summit returns virtually for 2022. Join finance industry executives, debt issuers, and investors virtually on Wednesday, December 14 for a fast-paced, single-day conference featuring industry updates, 1:1 meetings, and networking opportunities. Speakers will discuss the latest economic conditions that directly affect fixed income investors. You can expect: An efficient one-day schedule of fast-flowing […]