AFSA has reached out to Senate Banking Chairman Tim Scott and House Financial Services Chairman French Hill to extend congratulations on their appointments as chairmen for the 119th Congress. In a letter sent yesterday, AFSA expressed gratitude for Senator Scott and Congressman Hill's support of the consumer credit industry.
The communication also included AFSA’s priorities document for 2025, which addressed challenges posed by overregulation and government overreach in the financial services sector. The organization highlighted concerns about the unchecked Consumer Financial Protection Bureau (CFPB) and potential issues that could hinder Americans' access to credit.
AFSA urged Congress not to impose arbitrary rate caps that could affect the installment loan industry's ability to serve qualified individuals or limit late fees or swipe fees in the credit card industry. The association warned that restrictions on arbitration might delay relief for consumers while benefiting trial lawyers. Additionally, AFSA advocated for the passage of H.R. 306, known as the “Credit Repair Scam Act,” aimed at reducing ineffective credit repair practices that burden both consumers and the financial industry without offering tangible benefits.