Accountability

Misguided Policymakers Are Hindering Economic Opportunity

Just as every consumer has different needs, consumer credit is not cookie cutter. Consumers win with more choices for safe and reliable credit.

Credit interest rate caps harm consumers, particularly communities of color. Research shows caps on traditional installment credit bar millions of American consumers with sub-prime credit – or no credit – from accessing small dollar loans under $1500, funds that are typically used for emergency expenses or to enhance the lives of households. Rather than protecting the assets of people of color and people looking to enhance their financial standing, these rate caps create a cruel credit crunch that sends desperate consumers to shadowy, non-licensed and non-regulated lenders.

Get the facts.

Illinois Governor Signs Anti-Consumer Rate Cap Bill Into Law

Illinois Governor Signs Anti-Consumer Rate Cap Bill Into Law

The American Financial Services Association (AFSA) and its members who work to serve consumers in Illinois, are deeply disappointed with the governor’s decision to sign legislation that will hinder tens of thousands of Illinois consumers from accessing the credit they...

No Kicks with SB 66

No Kicks with SB 66

Small-dollar loans are crucial for the American consumer. Whether they’re looking to fund a car repair, purchase an appliance or pay for a much-needed vacation, millions of Americans rely on traditional installment loans each year.  That’s the argument that Paul...

The CFPB Taskforce on Consumer Credit Report

The CFPB Taskforce on Consumer Credit Report

The focus of the Taskforce report is the effect of regulation on consumers and their access to credit. The last time such a comprehensive review was undertaken by the federal government was the 1970s. Much has changed – both for consumers as well as the consumer credit industry – and our hope is that this report serves as a crucial resource for policymakers and our industry moving forward in shaping pro-consumer policies that expand consumer access to credit.

AFSA Provides Testimony on NM All-In Rate Cap

AFSA Provides Testimony on NM All-In Rate Cap

On February 9, AFSA Senior Vice President Danielle Fagre Arlowe provided oral testimony opposing New Mexico SB 66 in a Senate Tax, Business and Transportation Committee hearing. The bill would institute an 36% all-in rate cap, which would include other charges for...

Illinois 36% Solution is No Solution at All

Illinois 36% Solution is No Solution at All

Earlier today, the American Financial Services Association, the Illinois Financial Services Association, the Independent Finance Association of Illinois, and the Illinois Automobile Dealers Association wrote to Illinois Gov. J.B. Pritzker to express concerns with...

Himpler: On consumer credit and unintended consequences

Himpler: On consumer credit and unintended consequences

It’s always interesting when consumer advocates use confusing arguments to make points about consumer credit issues that otherwise undercut worthy messages. That’s what occurred earlier this week in an opinion piece in Military Times. This approach doesn’t help...