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 Study Finds Significant Bias and High Error Rates in CFPB Proxy Methodology December 08, 2015

WASHINGTON, November 19, 2014...A comprehensive study of more than 8.2 million auto financing contracts found that the disparity alleged by the Consumer Financial Protection Bureau (CFPB) between the amount of dealer reserve charged to minorities and non-minorities is not supported by data.

The study, Fair Lending: Implications for the Indirect Auto Finance Market, commissioned by the American Financial Services Association (AFSA), examined the proxy methodology used by the CFPB and found significant bias and high error rates.

House Financial Services Committee Cites AFSA Study in Report Critical of CFPB Methodology for Alleging Discrimination November 24, 2015

WASHINGTON, November 24, 2015...Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, today issued a report critical of the Consumer Financial Protection Bureau’s (CFPB) use of the “disparate impact doctrine” to find alleged discrimination in vehicle financing.

The findings of the report, published by the Republican Staff of the House Committee, clearly show that the Bureau’s methodology to determine disparate impact and potential harm to protected classes is flawed and prone to overestimation. Further, the federal agency was aware of apparent discrepancies yet pushed forward with claims of discrimination, which resulted in enforcement actions forcing companies to pay millions of dollars in fines and penalties.

Participation Doubles in Non-Prime Auto Financing Survey for More Robust View of Industry June 04, 2015

WASHINGTON, June 4, 2015 . . . The non-prime automotive financing sector experienced the fourth consecutive year of market growth and recovery in 2014, according to the 2015 Non-Prime Automotive Financing Survey. Co-sponsored by the National Automotive Finance (NAF) Association and American Financial Services Association (AFSA), the survey is a benchmarking tool to identify trends and guide policy decisions.

AFSA Statement on CFPB Arbitration Study March 10, 2015

WASHINGTON, March 10, 2015...“The Consumer Financial Protection Bureau (CFPB) criticizes arbitration agreements because they limit class actions. Yet arbitration offers consumers a quicker resolution than class actions, which can be stuck in the court system for years.

AFSA Statement on Financial Product Safety Commission Act March 04, 2015

WASHINGTON, March 4, 2015...AFSA applauds Rep. Randy Neugebauer, chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, for introducing the Financial Product Safety Commission Act of 2015, which calls for the Consumer Financial Protection Bureau (CFPB) to be governed by a five-member bipartisan commission rather than a sole director.

New Website Shares Consumers’ Positive Borrowing Stories February 10, 2015

WASHINGTON, February 10, 2014...A new resource for consumers to learn about affordable credit options was launched today by the American Financial Services Association (AFSA). explains the beneficial features of traditional installment loans and shares the positive stories of real-life borrowers.