Press & Media Statements

Working closely with the Federal and State Government Affairs Departments, AFSA's Communications Department responds to and proactively works with news outlets seeking to cover the consumer credit industry. 

AFSA is pleased to assist the media with interviews, quotes, background information and story development regarding any of the business lines the association represents. Media inquiries can be directed to:

Jack Ferry      Dan Bucherer 
Vice President, Communications     Manager, Communications
+1 (202) 776-7308      +1 (202) 466-8613

AFSA Announces New Board Leadership; Executive Staff Succession Plan November 07, 2018

WASHINGTON--(BUSINESS WIRE)--The American Financial Services Association (AFSA) today announced that its Board of Directors has elected a new chairman, chair-elect and vice chairman-treasurer for the next 12 months. Additionally, the board approved a succession plan for executive leadership of the 102-year-old trade association representing the consumer credit industry.

AFSA Applauds House Passage of S.J. Res 57 House passes resolution effectively repealing CFPB vehicle finance guidance May 08, 2018

WASHINGTON, May 8, 2018 – Today, the House of Representatives approved S.J. Res. 57 by a 234-175 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013 vehicle finance guidance. The Senate passed the same proposal April 18. The next and final step in the process is President Trump signing the resolution. “This vote indicates that American consumers have spoken to their elected representatives to say they want competitive pricing on vehicle loans,” said Chris Stinebert, President & CEO of the American Financial Services Association, a trade association representing vehicle finance lenders. “We are an industry that competes for consumers’ trust as well as their business while helping them acquire vehicles that support their transportation needs.” The CFPB’s vehicle finance lending policy, issued through guidance, directed fundamental market change ...

AFSA Applauds Senate Passage of S.J. Res 57 April 18, 2018

“The vehicle finance market in the United States is a highly-competitive market which benefits consumers as dealers and lenders discount pricing and loan rates to sell and finance new and used vehicles,” said Chris Stinebert, President & CEO of the American Financial Services Association, a trade association representing vehicle finance lenders. “The vote today is in the best interests of the car-buying public.” The CFPB’s vehicle finance lending policy, issued through guidance, directed fundamental market changes to the industry, which was already regulated by other federal agencies and state laws and regulations. The guidance was issued without any public comment, consultation with other federal agencies or transparency.

AFSA Statement on Acting Director Mick Mulvaney's Appointment November 25, 2017

“AFSA welcomes the Trump Administration’s appointment of OMB Director Mick Mulvaney to serve as Acting Director of the CFPB following yesterday’s resignation of Director Richard Cordray. Mulvaney’s appointment as Acting Director will ultimately ensure a smooth transition to a permanent director, nominated by the President, who will carry on the priorities of the administration.

In his role as OMB Director, as well as having served on the House Financial Services Committee, Director Mulvaney has demonstrated that he understands the need for effective and fair regulation. Nowhere is that balanced approach more needed than at the CFPB, an agency that has all too often regulated by press releases. AFSA believes that Mulvaney will lead the CFPB in a fashion that gives financial services providers clear guidelines as opposed to guesswork and allows them to better serve their customers.”

Statement from AFSA on Cordray's Succession Plan November 24, 2017

“Today’s actions by former CFPB Director Richard Cordray in appointing his own Acting Director to lead the bureau reinforces the problematic nature of having a single and completely unaccountable leader. The decision to choose who should lead the country’s consumer protection agency, and confusion that’s been caused by Cordray’s own ‘succession plan,’ should not be made by one individual and for this reason AFSA has long advocated the need for a bipartisan commission.”

Statement from AFSA on CFPB Richard Cordray's Resignation November 15, 2017

“While not always agreeing with Director Cordray’s decisions and rationale for those decisions, we wish him well in his future endeavors,” said Chris Stinebert, President and CEO of the American Financial Services Association (AFSA). “We appreciate his dedication to the interests and the protection of consumers. Unfortunately, his decisions were not always completely developed and created undue burden on consumers’ access to credit, which curtailed lending to the consumer that the Bureau is mandated to protect.”

Senators Come to Defense of Consumers on Arbitration October 24, 2017

“We’re pleased to see the Senate has chosen to side with consumers instead of trial attorneys when it comes to arbitration,” said Chris Stinebert, President and CEO of the American Financial Services Association, which represents traditional installment lenders. “Class action lawsuits take years to be heard, clog the courts, and result in comparatively small payouts for consumers. By contrast, disputes settled by arbitration result in quick decisions and pay-outs for consumers that average higher than class action settlements.”

AFSA Statement on Final Small-Dollar Lending Rule October 05, 2017

The American Financial Services Association (AFSA) is pleased to see that the bureau has made the important distinction between beneficial traditional installment lending, and payday and title lending.

“Today’s rule is a validation of what we have been saying all along – that the small-dollar lending industry provides access to quality products, like traditional installment loans, and is critically important for the American consumer,” said Chris Stinebert, President and CEO of AFSA. “During congressional testimony when asked about the proposed rule,* Director Cordray noted how essential it was that any rule focus on making sure there is room for responsible loans such as installment lending.”

AFSA Statement on the Arbitration Rule Coalition Lawsuit in Texas September 29, 2017

“Such a broad showing of support from every corner of the consumer finance industry demonstrates how critically important today’s filing is,” said Chris Stinebert, President and CEO of the American Financial Services Association, which represents traditional installment lenders and vehicle finance companies. “The CFPB’s anti-arbitration rule would produce class action lawsuits that will take years to be heard, clog the courts, and result in comparatively small payouts for consumers. By contrast, disputes settled by arbitration result in quick decisions and pay-outs for consumers that average higher than class action settlements.”