Uncertain economic conditions continue to challenge U.S. consumers, many of whom struggle to meet basic needs and prepare for future expenses. Surveys suggest nearly half of Americans have less than $500 in savings for emergencies. Regulatory uncertainty at both federal and state levels persists despite adjustments within the Consumer Financial Protection Bureau.
These challenges highlight the importance of increasing access to credit for all economic standings. Access is crucial for those with imperfect credit, the under-banked, or those preferring personal loans for unexpected expenses like home or car repairs or purchasing essential appliances during extreme weather.
Eric Bowers, Executive Vice President of Regional Finance, emphasizes the need for accessible financial transactions: “It is really important everyone in America has that same dignity, where they can handle their financial transactions easily, simply, and quickly to meet their needs.”
AFSA members often bring a personal approach to their work. Sheri Wilford, President of LPL Loans, values hearing customers’ stories and assisting them. Julie Ausland, President and COO of Cashco Financial, attributes lenders' success to building relationships with customers who require timely credit access.
Dan Walters, CEO of Credit Central LLC, highlights a local presence with employees invested in community support as key. AFSA Member Companies benefit from clear rules that ensure transparency and protection for consumers while allowing them consistent service.
Member companies stress that regulatory frameworks should prioritize consumer needs over industry desires when setting guidelines.