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).

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.

The featured Business Partner for June is Allied Solutions/Securian Financial Group. Learn more at alliedsolutions.net.

Earlier this year the Consumer Financial Protection Bureau (CFPB) convened a taskforce on federal consumer financial law. Its purpose: bringing together external experts to examine ways to harmonize and modernize federal consumer financial laws. This is a laudable goal and AFSA supports the creation of the taskforce.This week AFSA provided recommendations to the taskforce, suggesting that it examine consumer demand for installment loans and how an “all-in” APR harms consumers. AFSA also advocated for modernizing certain consumer finance statutes and regulations and for increased federal and state coordination.AFSA looks forward to reading the taskforce’s final report, which is expected in early 2021. This report will be the most comprehensive look at consumer credit since the National Commission on Consumer Finance issued its report in 1972.

Cox Automotive Chief Economist Jonathan Smoke returns 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 Jonathan and Cox Automotive lender solutions specialists as they discuss digital strategies to mitigate risk and optimize operations around portfolio valuations & securitization, aftermarket contract risks & recoveries, DMV conditions & outlook impacting title processes, and more. Presenters:

The June State Government Affairs white paper is an update of our evergreen white paper examining federal regulation of financial institutions. Consumer advocates often characterize certain financial products as "unregulated” in their push for new state regulations. This is simply not true.

As the American economy begins to slowly reopen, the American Financial Services Association is pleased to announce another way to help members manage their business and defray some of the day-to-day costs of supporting the communities they serve.The AFSA AdvantEDGE Affinity Program offers members discounts on business products and services companies use every day. From office supplies and shipping, wireless services to HR and payroll services, the AFSA AdvantEDGE will help cut costs and enhance bottom lines. Here is just a snapshot of the discounts offered:• Receive 25% off ADP’s HR and payroll services.• Save 55% off priority shipping services with FedEx.• New Sprint customers get 25% off plans and devices.• Enjoy up to 28% off a variety of packing and shipping options at UPS

This discussion will differ from the many materials you are, no doubt, receiving in recent weeks. Rather than giving you a list of best practices or general considerations, we will provide a detailed legal framework that lawyers and human resources leaders can use to approach issues that may be unique to their environments and workforce. The intent is to arm you with the legal knowledge to allow you to issue spot and take appropriate steps to minimize legal liability.

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. Visit afsaonline.org/coronavirus for more information.

This discussion will differ from the many materials you are, no doubt, receiving in recent weeks. Rather than giving you a list of best practices or general considerations, we will provide a detailed legal framework that lawyers and human resources leaders can use to approach issues that may be unique to their environments and workforce. The intent is to arm you with the legal knowledge to allow you to issue spot and take appropriate steps to minimize legal liability.