AFSA: Congress Should Address Causes, Not Symptoms in Credit Reporting Issues December 10, 2019

The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The bill, which is being marked up by the committee, which could lead to a potential vote by the full House. The letter outlines the important symbiotic relationship between lending and credit reporting systems that benefits American consumers when it functions well. The letter focused on two areas:

AFSA Attends Critical CCPA Meetings & Hearings December 09, 2019

Last week, AFSA’s State Government Affairs team attended three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, San Francisco, and Fresno. The AG’s office released proposed regulations implementing the CCPA in October and is accepting written feedback until December 6. These hearings, which each drew over a hundred attendees, provided an opportunity to provide verbal comments on the AG’s proposed regulations.

AFSA Releases Debt Collection Study December 06, 2019

The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s data science practice and is being submitted to the Consumer Financial Protection Bureau (CFPB) in response to its proposed rule on debt collection. While the proposed rule would only apply to debt collection agencies, AFSA is concerned that borrowers would be harmed if the CFPB or others lumped creditors and debt collectors together and treated them the same way, even though their businesses are very different.

Misguided and Misinformed on APR December 05, 2019

Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members of Congress and consumer “advocates” are pushing the woefully and inaccurately titled “Veterans and Consumers Fair Credit Act,”  which would impose arbitrary and damaging limits on all Americans’ access to credit.

LISTEN | Obstacles to Digital Adoption on the Extra Credit Podcast December 05, 2019

On episode five of the AFSA Extra Credit Podcast, we're speaking with John Findley, CEO of LemonadeTraining, a company that helps businesses develop game-based education programs. We talk a bit about game-based training, but really take the opportunity to talk about LemonadeTraining’s new whitepaper that delves into ways companies can overcome obstacles to digital adoption across generations. We touch on the important role that front line staff plays in digital adoption and some of the hurdles we face dealing with different consumers.

CFPB Director Highlights Role in Financial Education November 25, 2019

Kraninger told Yahoo that she is “proud of the agency’s work on educating U.S. consumers about healthy saving habits.” “Savings is the unique aspect that really helps people in their financial well-being,” Kraninger said in a video of her discussion with Yahoo! Finance editors.