The U.S. House of Representatives this week is considering amendments to the National Defense Authorization Act (NDAA). Among the amendments is one offered by Rep. Jesus “Chuy” Garcia (D-IL) and Rep. Glenn Grothman (R-WI) that would impose the Military Lending Act’s rate cap of 36 percent on all Americans. Last year, Garcia and Grothman introduced […]

Join us on July 16th at 2:00 p.m. for The Aftermath of the COVID-19 Crises: Establishing Resilience with Your Risk Assessment Decisions, presented by FICO. The current global crises have made a significant impact on auto finance industry driving many auto lenders to rethink their risk assessment strategies. Approximately 26 million people are still unemployed in the […]

This week, AFSA wrote a letter to Congress in support of the E-SIGN Modernization Act (S. 4159). This piece of legislation would streamline how consumers consent to receiving electronic documents like billing statements, account information, and contracts. As we witness significant advancements in technology such as smart phones and computers, it is important to expand consumer access to […]

AFSA, along with more than 125 other trade associations representing a broad swath of the American economy, today submitted a letter supporting S. 4117, The Paycheck Protection Program (PPP) Small Business Forgiveness Act. The bill “would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document.”The letter, which was addressed to the Chairs and Ranking Members of the committees representing small business concerns in both the House and Senate, notes that PPP loans of under $150,000 account for 86 percent of total recipients but less than 27 percent of PPP loan dollars.

Last week, the American Financial Services Association (AFSA) joined other financial services trade associations in a letter to the Federal Communications Commission (FCC) regarding the agency’s draft order on call blocking. The order provides a safe harbor for voice service providers that use call authentication information to block unwanted calls.

Join us on July 16th at 2:00 p.m. for The Aftermath of the COVID-19 Crises: Establishing Resilience with Your Risk Assessment Decisions, presented by FICO.

Today, the U.S. Small Business Administration (SBA) released loan data for its Paycheck Protection Program (PPP), in which some American Financial Services Association members participated. You can review the overall data here and here.

The American Financial Services Association is – in a single event – bringing together the best of the Annual Meeting and Independents Conference & Expo. Join the leaders of the consumer credit industry at AFSA’s s premier consumer credit conference and exposition hall. The 2020 Annual Meeting & Independents Conference & Expo offers both an expansive view of the consumer credit industry, while drilling down on areas specific to vehicle finance lenders, traditional installment storefronts, or industry vendors

The American Financial Services Association yesterday submitted a letter to Senate Armed Services Committee Chairman Sen. James Inhofe (R-OK) supporting the 2021 National Defense Authorization Act (NDAA). The letter highlighted AFSA members’ commitment to the well-being of our armed services, veterans and their families, noting the strong support by AFSA members for the goals of both the Military Lending and Servicemembers Civil Relief Acts. The laws offer protections for service members and their families to ensure those defending our nation can focus on the mission at hand.To that end, the letter applauds Senator Inhofe for the committee’s rejection of an amendment that limited arbitration options or class action waivers. “Such limitations would ultimately lead to costly, time-consuming, and adversarial litigation for service members and veterans that only serves to enrich the class action plaintiffs’ bar," wrote Ann Harter, Vice President of Congressional Affairs at AFSA. “Service members and veterans deserve the option to settle disputes through arbitration, a more expedient process where data shows that they would experience greater payouts. The courts, including the U.S. Supreme Court, have recognized arbitration as a fair and effective mode of settling disputes, and servicemembers deserve the option for quick and effective justice.”

AFSA's July State Government Affairs white paper is now available. This month's white paper covers 2019 consumer complaint data from state Attorney General offices, the Federal Trade Commission and the Consumer Financial Protection Bureau. Consumer complaints inform the cases state attorneys general pursue and may drive the legislation an AG's office advocates for. Understanding emerging trends in complaints can help institutions anticipate, respond to, and potentially avoid problems with consumers, attorneys general, and lawmakers. The paper is available to AFSA members under the State Resources section of AFSA’s website.