AFSA 100 Day Tracker | AFSA Installment Lenders Meet with White House Staff

WHAT HAPPENED

As part of AFSA’s Installment Lenders Summit, AFSA staff and attending members met with senior White House staff yesterday.

AFSA members discussed the business challenges created by the Consumer Financial Protection Bureau’s (CFPB) unchecked authority and other issues, including:
  • the negative effect of the increased cost of compliance on businesses and their customers,
  • how the over-expansive Military Lending Act regulations hurt service members and their families, and
  • the limitations the Telephone Consumer Protection Act regulations put on finance companies’ communications with their customers.
Members also discussed the beneficial products provided by traditional installment lenders, and the importance of auto finance.

    WHAT IT MEANS TO AFSA MEMBERS

    The White House representatives were very receptive to what AFSA members said and the examples they provided. They emphasized that they understand the importance of consumer finance in the American economy and agreed that the CFPB needed more oversight and accountability. The representatives said that they were working on bringing additional review to independent agencies.

    WHAT IS AFSA DOING

    AFSA members were asked to provide any available data to the White House about the increased cost of compliance and its impact on consumers. AFSA was also asked to provide a list of areas that the White House could address administratively. If you have any data you would be willing to share or thoughts on how the White House could ease the compliance burden, please send them to Celia Winslow.

    During the meeting, AFSA gave the White House team a letter addressed to Treasury Secretary Steve Mnuchin. Mnuchin has highlighted the importance of banking lending in recent interviews. AFSA’s letter thanks the secretary for recognizing the importance of lending to the economy and emphasizes the key role that consumer finance companies play in the credit market.