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So-called “Walkaway Loans” are Wrong, Not Prevalent
Feb 20, 2020

Last week The Wall Street Journal published a story on a scam it called “kicking the trade,” which some American Financial Services Association members are aware of as a “walkaway loan” or “stove piping.” Our colleagues at the National Auto Dealers Association, as well as some of our members, have engaged with Journal reporters on background, on the record, and in prepared statements for what appears to a series of articles on the topic of vehicle sales and finance. Each of the stories has presented almost purely anecdotal evidence, and the reporters rarely if ever provide readers with our industries’ full statements or context on the matters.

LISTEN | Ginger Herring on the Extra Credit Podcast
Feb 20, 2020

In this episode of the AFSA Extra Credit Podcast, we’re speaking Ginger Herring, President & CEO of 1st Franklin Financial Corp. Ginger is a third generation leader of 1st Franklin, which has been offering consumer credit products on Main Streets across the South since 1941. We talk about the important role of face-to-face contact and how fortunate Ginger feels to have a role in the lives of her neighbors for more than six decades. We also touch on how some public policies are threatening that role.

RELEASE | MoneySKILL®, Personal Finance Course Demonstrates Effectiveness
Feb 19, 2020

Radio Media Tour Highlights AFSA Education Foundation’s Value

TOMORROW | The Borrower’s Digital Lending Journey
Feb 19, 2020

Join us on February 20 at 2:00 p.m. ET for The Borrower’s Digital Journey, presented by REPAY.

Remembering Irwin Holzman
Feb 18, 2020

Sincerely,

Luntz Awes the Crowd at AFSA’s Vehicle Finance Conference in Las Vegas
Feb 13, 2020

The keynote speaker at AFSA’s Vehicle Finance Conference & Expo, Frank Luntz, was no where to be found at the start of his speech. Suddenly a familiar voice that has been on cable news air waves for over two decades, made his presence known from the back of the ballroom.

AFSA Conference Kicks Off with Focus on Diversity & Empowering Consumers
Feb 12, 2020

The American Financial Services Association kicks off its annual Vehicle Finance Conference with a focus on what makes our industry so crucial to our national economy: our diversity and our focus on empowering consumers. The Women’s Leadership Council and Law Committee met today to examine issues around ensuring that our industry reflects the customers and communities our members serve, while also ensuring that at the state and federal level pro-consumer policies are in place to ensure customers are protected and have access to the credit they need.

“Let’s not hinder consumers’ access to credit,” says Himpler in Op-Ed in The Hill
Feb 10, 2020

America has a significant underbanked and unbanked issue. Instead of supporting policies that protect consumers from predatory lenders like payday and vehicle title lenders, we have so-called consumer groups supporting policies with rigged polling data that would actually harm those who need access to credit in times of need. AFSA President, Bill Himpler, frames the right questions and how policy makers should be considering pro-consumer policies for access to credit.

AFSA Outlines 2020 Federal Priorities
Feb 06, 2020

The American Financial Services Association (AFSA) today released its 2020 Federal Priorities. America has a full history of evolving national consumer financial protection laws aimed at ensuring consumers are fairly and responsibly treated by financial institutions. Some 22 different federal laws, spanning eight different agencies, create a layered system of laws that protect consumers. The steady progression of these laws promotes a rich and diverse economy where consumers have tremendous choice in accessing a myriad of credit products from a wide variety of sources. As our economy continues to evolve, our consumer finance laws must account for the needs of both consumers and business. With an eye toward improving our existing system, we offer the 2020 Federal Priorities to strengthen and improve the marketplace for today’s consumers.

Dangers of National Rate Cap Highlighted During House Financial Services Committee Hearing
Feb 06, 2020

Yesterday, February 5th, AFSA staff attended the House Financial Services Committee’s first of two hearings entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” The second is scheduled for February 26th.

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