On May 7 the American Financial Services Association sent a letter to the town of Springfield, Missouri, regarding its new ordinance imposing fees, permits, etc. on “short-term loan establishments.”

This disruptive time has just about everyone adapting to a new normal. The current economic downturn has forced companies everywhere to find new ways to keep their business running, reduce operational expense and comply with social distancing mandates.

On May 7th, AFSA SVP Danielle Fagre Arlowe testified before the New Jersey Assembly Commerce and Economic Development Committee hearing on AB 3908. It was the first virtual hearing in state histroy. Her full testimony before the committee is below. Arlowe submitted written testimony for the Senate version of the bill S. 2330.

The American Financial Services Association (AFSA) this week submitted a comment letter to Eric Rosengren, the President & CEO of the Federal Reserve Bank of Boston. The letter expressed the troubling fact that – despite the name – the Main Street Lending Program (MSLP) is not supporting all Main Street businesses, specifically, consumer finance companies. The letter asks that “the Federal Reserve designate state-licensed and -regulated finance companies, including vehicle finance companies, credit card issuers, and traditional installment lenders, as eligible businesses.”

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As part of its Business Partner Webinar Series last week, AFSA hosted Equifax for Reporting Automotive Loan Payments During COVID-19 Pandemic. Drew Rosedale, Data Contributor Services Leader and Jenn Reid, VP Strategy & Marketing walked viewers through the lay of the land and what to expect in the coming weeks and months. There were four key takeaways from the program.

Join us on May 13th at 2:00 p.m. ET for Virtual Auto Retailing in Today’s Marketplace: Outlook & Strategies for Lenders, presented by DealerTrack.

AFSA’s State Government Affairs (SGA) team today published a COVID-19 state policy update white paper, the second of two papers covering state responses to the coronavirus outbreak. The white paper provides a snapshot of key state activity in response to COVID-19, updating the information provided in AFSA’s previous COVID-19 white paper published last month. This month's white paper examines credit-specific policy changes, including mandatory fee waivers, payment deferrals, collections restrictions, and moratoriums on repossession and foreclosure. The paper also provides an overview of statewide closures of non-essential businesses, state attorneys general advocacy, DMV operating changes, and state legislative session adjustments.

Join us on May 20th at 1:00 p.m. ET for Navigating Media and Consumer Engagement as We Emerge From the Pandemic. The program will be presented by Leigh Fatzinger, Founder and CEO at Turbine Labs, AFSA's partner developing AFSA Daily Connect and other media intelligence.

Jonathan Root, Senior Vice President at Harley-Davidson Financial Services, will take the American Financial Services Association Board of Directors and Vehicle Finance Board seats currently occupied by Larry Hund, who has accepted the position of Chief Commercial Officer for Harley-Davidson Motor Company.