Toyota Financial Services Offers Relief, Options for New & Existing Customers April 03, 2020

Toyota Financial Services (TFS) has launched a number of relief programs available to new and existing customers. Current purchase customers can receive payment relief and lease customers that are near or at the end of their lease are eligable for a variety of different options. New TFS customers can defer payments for up to 90 days on a new or certified used Toyota vehicle. 

WATCH TODAY | ACI Speedpay Consumer Pulse Survey Webinar April 02, 2020

Join us on April 2 at 2:00 p.m. ET for ACI Speedpay Consumer Pulse Survey - Focus On Auto Finance Billing and Payment Trends, presented by ACI Worldwide. 2019 marked the first year that Americans spent more time looking at a mobile device than a TV screen…the latest results from ACI Speedpay’s Consumer Pulse Survey confirm that auto loan and lease payments are also becoming more mobile. However, increasing adoption of electronic billing statements remains a big challenge for auto lenders. This webinar, presented by Darcy Locke, Principal New Business Developer with ACI Worldwide, will include more findings on how consumers prefer to receive and pay their bills, how likely they are to use new channels such as mobile wallets, as well as why their payments are sometimes late. 

PayNearMe Facilitating Payments During Pandemic April 02, 2020

PayNearMe has published an extensive guide for new and ongoing customers on best practices for facilitating payments during the COVID-19 crisis. The guide lays out several features that can address potential payments challenges brought on by social distancing, staff shortages and communications barriers.

CFPB Offers Guidance on Credit Reporting During Pandemic April 01, 2020

The Consumer Financial Protection Bureau (CFPB) today released a policy statement outlining the responsibility of credit-reporting companies (CRA) and furnishers for credit reporting during the COVID-19 pandemic. Many lenders are setting flexible payment agreements with consumers, and the CFPB’s statement encourages lenders to continue to report accurate information to credit bureaus about any and all voluntary payment relief.

AFSA Supports Fed Steps to Keep Credit Flowing April 01, 2020

The American Financial Services Association (AFSA) yesterday (March 31) sent a letter of support to the Federal Reserve Bank of New York on its Commercial Paper Funding Facility (CPFF). The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase unsecured and asset-backed commercial paper rated A1/P1 directly from eligible companies. The letter asks that the CPFF be expanded so that more companies, ones that are not rated A1/P1, can take advantage of it.

AFSA Supports SBA PPP Program March 31, 2020

The American Financial Services Association (AFSA) today (March 31) submitted a letter of support to the National Economic Council on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

AFSA, Trades Seek CECL Parity March 31, 2020

Today the American Financial Services Association, along with other financial services associations, sent a letter to Securities and Exchange Commission Chairman Jay Clayton, requesting that he apply a current expected credit loss (CECL) final implementation date uniformly for both bank and non-bank financial institutions. This is needed to create parity in reporting obligations for financial companies and to allow them to devote their full attention to meeting consumer and business needs in the wake of COVID-19.