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AFSA Statement on CA Assembly Adjournment Without Reconsideration AB 2501
Jun 18, 2020

Today the California Assembly adjourned without reconsidering the “COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020,” (AB 2501), which if approved would have required creditors to provide up to nine months of vehicle payment relief—with a repossession ban for two years (except under certain circumstances)—and 12 months of mortgage payment relief.

CFPB Launches Pilot Advisory Opinion Program
Jun 18, 2020

The Consumer Financial Protection Bureau (CFPB) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations. In a July 2018 letter to the CFPB on guidance, AFSA asked the Bureau to implement just such a program.

Auto Lending Economic Outlook & Optimization/Risk Mitigation Strategies for the Way Forward
Jun 17, 2020

Cox Automotive Chief Economist Jonathan Smoke returns on June 18 at 2:00 p.m. ET to keep lenders apprised of market conditions and financial predictions — particularly with off-lease inventory expected to surge and used retail to draw its own pandemic curve. Picking up where last month’s consumer/dealer insights drove digital strategy discussion for supporting consumers and dealers through virtual contact-to-contract deal finalization, there’s still much “back office” work for lenders left to do.

TODAY | Virtually Huddle Up for Lunch & Learn on Post-Pandemic Business Strategies
Jun 15, 2020

Join senior leaders of the American Financial Services Association (AFSA) for AFSA Premier Partner Solutions by Text’s “Virtual Lunch and Learn Huddle Week” from June 15th through the 19th.

Remembering Ray Biggs
Jun 10, 2020

AFSA President & CEO Bill Himpler sent the below message to members yesterday afternoon remarking on the passing of Ray Biggs, who left an indelible mark on the consumer credit industry.

ICYMI | AFSA Locked In During Lock Down
Jun 09, 2020

In this episode of the AFSA Extra Credit Podcast we talk with Danielle Fagre Arlowe, the head of AFSA's State Government Affairs team, about what AFSA's been doing on the state front to advocate for members and the variety of resources the group has developed. We also chat with Celia Winslow, who leads the association's federal government affairs department, about AFSA's advocacy activities during lockdown.

AFSA Voices Support for PPP Expansion
Jun 08, 2020

The American Financial Services Association (AFSA) today submitted a comment letter to Senate Committee on Small Business and Entrepreneurship Chairman Marco Rubio (R-FL) and Ranking Member Ben Cardin (D-MD) regarding expanding access to the Payment Protection Program (PPP).

Expanding Lending Facility Will Expand Consumer Opportunity
Jun 05, 2020

In late May the Federal Reserve finally announced details of its next highly appreciated emergency lending facility, the Main Street Lending Program (MSLP). The goal of the MSLP is tohelp small and medium-sized businesses that were financiallysound before the Coronavirus pandemic maintain their operations and payroll until conditions stabilize. Eligible businesses with up to 15,000 employees or less than $5 billion in annual revenue in 2019 can apply for a loan between $500,000 and $25 million, albeit with some strings attached, including employee compensation and stock repurchase restrictions.

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