AFSA Members Share Their Stories on Capitol Hill March 2, 2017 AFSA Staff Executives of AFSA member companies in the traditional installment space wrapped up the 2017 Installment Lenders’ Summit today with renewed optimism for the future of their companies, employees and customers. With a Republican majority in Congress combined with a business-savvy Republican administration, AFSA members now see light at the end of the tunnel in rolling back onerous federal regulations that have resulted in not being able to serve segments of their customer base, having to hire compliance staffs and steep declines in revenue and profits. The summit concluded with a meeting at the Old Executive Office Building, adjacent to the White House, with key members of the Domestic Policy Council. Executives from member companies shared with the Council stories of trying to navigate federally-mandated bulletins, rule-making and other orders regarding compliance. “We share your skepticism of Dodd-Frank and of the Consumer Financial Protection Bureau,” said a high-ranking member of the council. The summit kicked off with a keynote address from Rep. Blaine Luetkemeyer (R-MO), a member of the House Financial Services Committee. The Congressman touched on the important role access to affordable consumer credit plays in the lives of ordinary Americans. Wednesday featured a packed schedule, including a variety of panels and sessions. The morning opened with remarks from Senator Thom Tillis (R-NC), who serves on the Senate Banking and Armed Services Committees. Dan Smith, Shiri Wolf, and Kristen Phinnessee from the Consumer Financial Protection Bureau (CFPB) briefed AFSA members on a number of general topics. AFSA Compliance Administrator Aaron Tompkins led a timely discussion on the upcoming Office of the Comptroller of the Currency’s fintech charter with Lisa McGreevy of the Online Lenders Alliance and Brian Knight of the Mercatus Center. Closing the presentations for the day, David Casserly gave the attendees an update on the AFSA Education Foundations development of a strategic plan. He noted that 786,000 students have completed Money$kill, the Foundation’s financial literacy course. AFSA members then headed to Capitol Hill for meetings with their congressional representatives. The meetings focused on bringing the positive message of traditional installment lending to Capitol Hill and ensuring that there is a strong line of distinction between AFSA member financial products and other, less reputable ones. AFSA will continue to work closely with policymakers and members of Congress to ensure that issues critical to consumer credit companies are well represented in the nation’s capital.