Legislation Would Deprive Consumers of Necessary Credit Options
Dec 17, 2019
Let’s call it the “Recurring Nightmare Before Christmas,” as Senators Jeff Merkley (D-OR), Doug Jones (D-AL), and Tom Cotton (R-AR) reintroduce the Unsolicited Loan Act, a bill that would ban “live” checks.
Get 2020 Started Right with AFSA Webinars
Dec 15, 2019
Join us on January 22, 2020 for Top Debt Collection Issues in 2020, presented by AFSA.
Military Personnel are Losing Financial Services Options
Dec 13, 2019
The Credit Union Journal published a story (subscription required) regarding a provision excluded from the final version of the House-approved National Defense Authorization Act (NDAA). The language would have granted banks the same rent-free access to land on military bases as credit unions currently enjoy. At the same time, “Explore Credit Unions” was Tweeting that “Forty percent of banks on military bases have closed their doors over the past 15 years as credit unions receive special treatment from Department of Defense,” and noting that military and families and DoD civilians were the real losers in the shifting competition among financial services institutions. In a time when servicemembers and their families are increasingly concerned about their financial futures, and are feeling fiscally pressured, they should have access to more financial services options – not fewer – to meet their needs and to address their concerns. The Department of Defense – and by extension Congress – are tasked with giving our military every tool to gain an advantage in the field of battle and in the defense and protection of our nation. That they would place a thumb on the scale to advantage one set of financial institutions over others – and limit the ability of servicemembers and their families to get the financial assistance they may require, is discouraging. It’s not just traditional banks that are disadvantaged. AFSA members who offer a wide variety of consumer credit products – from traditional installment loans to vehicle financing options – also have a difficult time serving servicemembers with products, largely due to short-sighted policy decisions.It’s time for policymakers on Capitol Hill and in the Department of Defense, as well as the financial services industry to come together and identify an approach that gives servicemembers the opportunity to access to more financial-services resources – and not just a select few.
AFSA Opposes Bill to Eliminate Key Part of Financial System
Dec 12, 2019
AFSA yesterday submitted a comment letter to Senate Committee on Banking Housing & Urban Affairs Chair Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) opposing S. 2839, the Eliminating Corporate Shadow Banking Act of 2019.
FTC/CFPB Workshop on Accuracy in Consumer Reporting
Dec 11, 2019
AFSA staff attended the FTC/CFPB Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit reporting system and steps that policymakers, furnishers, consumer reporting agencies, and others can take to improve the accuracy of consumer reports.
AFSA: Congress Should Address Causes, Not Symptoms in Credit Reporting Issues
Dec 10, 2019
The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The bill, which is being marked up by the committee, which could lead to a potential vote by the full House. The letter outlines the important symbiotic relationship between lending and credit reporting systems that benefits American consumers when it functions well. The letter focused on two areas:
AFSA Attends Critical CCPA Meetings & Hearings
Dec 09, 2019
Last week, AFSA’s State Government Affairs team attended three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, San Francisco, and Fresno. The AG’s office released proposed regulations implementing the CCPA in October and is accepting written feedback until December 6. These hearings, which each drew over a hundred attendees, provided an opportunity to provide verbal comments on the AG’s proposed regulations.
AFSA Releases Debt Collection Study
Dec 06, 2019
The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s data science practice and is being submitted to the Consumer Financial Protection Bureau (CFPB) in response to its proposed rule on debt collection. While the proposed rule would only apply to debt collection agencies, AFSA is concerned that borrowers would be harmed if the CFPB or others lumped creditors and debt collectors together and treated them the same way, even though their businesses are very different.
Misguided and Misinformed on APR
Dec 05, 2019
Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members of Congress and consumer “advocates” are pushing the woefully and inaccurately titled “Veterans and Consumers Fair Credit Act,” which would impose arbitrary and damaging limits on all Americans’ access to credit.