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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:

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

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 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.