AFSA Meets with FDIC Chairman Jelena McWilliams

AFSA met with Jelena McWilliams, the Chairman of the FDIC, this week. AFSA raised several key issues with the Chairman, including: the lingering effects of Operation Choke Point, how the Military Lending Act (MLA) limits the availability of credit for service members and their families, the benefits of industrial bank charters, the FDIC’s request for information on small-dollar lending, and the increasing Telephone Consumer Protection Act (TCPA) litigation.

Chairman McWilliams expressed her commitment to ensure that Operation Choke Point is ended, understood that using APR to disclose finance charges for short term loans leads to high values compared to longer term financing and that the FDIC would consider industrial bank charter applications. She was also interested in learning about the MLA and TCPA.

AFSA looks forward to continuing to work with the FDIC on this issues in the future.