AFSA Efforts on Next Relief Package May 14, 2020 On May 12, House Democrats released a new stimulus proposal, dubbed the HEROES Act. The three-trillion-dollar bill may be voted on and passed largely along party lines this Friday. It is not expected to be taken up by the Senate. The bill does not contain a national rate cap provision, a win for consumers. The bill does include an amendment to the Service Members Civil Relief Act (SCRA) intended to help service members whose permanent change of station (PCS) orders may have changed as a result of the pandemic. A prohibition on another provision, Operation Choke Point, is also included. AFSA is pleased to see both of these inclusions. At the same time, there are a few items that present some serious concerns including suspending negative credit reporting and altering interest rates. Both of these items would likely reduce consumers’ access to safe, responsible credit options. AFSA continues to communicate with Members of Congress on provisions in any relief package that would assist AFSA members and the consumers that they serve. This includes credit reporting and debt collection provisions. The association continues to push against any rate cap proposal and continues to advocate for CECL relief, auto-industry assistance, and access to such government loan programs as the Small Business Administration’s Paycheck Protection Program and the Federal Reserve’s Main Street Lending Program.