Join us on June 25 at 2:00 p.m. ET for Class Action Threats Facing the Consumer Finance Industry in the Age of COVID.

The American Financial Services Association (AFSA) today (June 18) joined several other trade associations that represent a wide swath of the American economy in a letter to Sen. Deb Fischer (R-NE) supporting her bill (S. 3990) that would transform the Consumer Financial Protection Bureau (CFPB) leadership structure. The bill would replace the existing single director with a five-member, bipartisan commission. “The financial services marketplace thrives in a stable regulatory environment,” the signatories wrote. “When regulatory stability is eroded by changing political dynamics, the consumer suffers from financial institutions’ inability to rely upon a consistent regulatory environment.” AFSA has long sought a commission structure at the Bureau to bring fair and consistent oversight of the financial services industry, in the same manner as other federal regulatory bodies operate. “Members from both parties have long supported legislation to replace the single director model with a commission,” the letter continued. “In fact, bipartisan legislation establishing a CFPB commission has passed the House Financial Services Committee six times and passed the U.S. House of Representatives four times, with Democrats and Republicans voting in favor.”

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.

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.

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.

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.

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.

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.