The American Financial Services Association (AFSA) yesterday, March 24, asked in a comment letter to congressional leadership that they include CECL relief for depository and non-depository financial institutions in any relief package.

Across the country, AFSA member companies are working to ensure the customers and neighbors have access to credit in this time of financial insecurity. That's why our industry is one of the identified 16 critical infrastructure sectors by the Department of Homeland Security and its Cybersecurity and Infrastructure Security Agency (CISA).

When America has needed to flex its industrial and economic muscles to meet a challenge, her great companies have been there to help.

During this time of uncertainty, the American Financial Services Association and its member companies are doing their best to help consumers maintain their financial security and flexibility, while also continuing to support the communities where our members live and work. In this unprecedented moment, it is important for us to provide help where we can and to look for ways to perhaps do a bit more.

Below are some ways AFSA members are responding to the coronavirus crisis capturing the Globe's attention now. Our members have been fixtures in their communities for over 100 years, and when you see the responses you will know why:

The American Financial Services Association (AFSA), along with sister trade the Marketplace Lenders Association (MLA), called on Senate Majority Leader Mitch McConnel (R-KY) and Minority Leader Chuck Schumer (D-NY) to create an updated Term-Asset Backed Securities Loan Facility (TALF) program (which we are calling TALF 2020).

The American Financial Service Association, along with other trades, in a comment letter on March 22, called on the Securities & Exchange Commission (SEC) to delay implementation of the Current Expected Credit Loss (CECL) accounting standards. The letter notes that in this critical time for our country, "the focus and efforts of banks, as it is for our government, should be targeted onsupporting the economy and we should not be subject to incentives that constrain our ability to lend and help to restore our communities during these troubled times."

Ally Financial this week, launched a comprehensive set of financial support initiatives to help the people and communities it serves to withstand the extraordinary pressures triggered by the COVID-19 health crisis and be better positioned to recover quickly from its effects.

The American Financial Services Association joined with other financial-services trade associations on a letter to Congressional leaders in support of pro-consumer policies that will aid ongoing access to credit. You can read the letter here.

The American Financial Services Association (AFSA) today, March 20, sent a letter to House Financial Services Committee (HFSC) Chair Maxine Waters highlighting member company responses to the coronavirus pandemic. AFSA was pleased to share the many steps consumer credit companies have already taken to aid consumers, including: