AFSA Asks FCC, “Can You Hear Us Now?” February 28, 2020

This week, the American Financial Services Association (AFSA) submitted a comment letter to the Federal Communications Commission (FCC) on its report on call blocking. AFSA wholeheartedly supports the FCC’s effort to stop illegal robocalls, which scammers and fraudsters use to prey on American citizens. The proposed efforts, however, are blocking legitimate phone calls and the FCC must take appropriate action to ensure these calls get through to consumers.

Pentagon Gives the Troops a Win February 27, 2020

The American Financial Services Association confirmed that the Department of Defense will publish in the Federal Register tomorrow a repeal of Question and Answer #2 of its 2017 Interpretive Rule for the Military Lending Act (MLA). The interpretive rule states that financing GAP waiver or other credit products as part of a vehicle-finance transaction with active duty military members or their dependents subjects the transaction to the MLA. You can read our joint statement with the National Automobile Dealers Association (NADA) on this announcement here.

Anthony Robles: Underdog to Undefeated February 25, 2020

Born with one leg, 2011 NCAA Champion Anthony Robles became an unstoppable force in college wrestling. Now, Robles shares his strategy for success — harnessing a limitless belief in self and the motivation to accomplish what others wouldn't have thought possible.

Polls Shouldn't Drive Public Policy February 24, 2020

The Center for Responsible Lending (CRL) responded to the American Financial Services Association’s recent op-ed with one of their own. The CRL does not dispute the facts we laid out earlier this week related to the organization’s flawed approach of simply focusing on the rate of a loan, rather than the more important factors consumers should consider:  length of the loan and affordability, for example. 

So-called “Walkaway Loans” are Wrong, Not Prevalent February 20, 2020

Last week The Wall Street Journal published a story on a scam it called “kicking the trade,” which some American Financial Services Association members are aware of as a “walkaway loan” or “stove piping.” Our colleagues at the National Auto Dealers Association, as well as some of our members, have engaged with Journal reporters on background, on the record, and in prepared statements for what appears to a series of articles on the topic of vehicle sales and finance. Each of the stories has presented almost purely anecdotal evidence, and the reporters rarely if ever provide readers with our industries’ full statements or context on the matters.

LISTEN | Ginger Herring on the Extra Credit Podcast February 20, 2020

In this episode of the AFSA Extra Credit Podcast, we’re speaking Ginger Herring, President & CEO of 1st Franklin Financial Corp. Ginger is a third generation leader of 1st Franklin, which has been offering consumer credit products on Main Streets across the South since 1941. We talk about the important role of face-to-face contact and how fortunate Ginger feels to have a role in the lives of her neighbors for more than six decades. We also touch on how some public policies are threatening that role.