The new head of the Consumer Financial Protection Bureau, Rohit Chopra, was sworn into office on Tuesday (October 12, 2021). Our colleagues at the American Financial Services Association (AFSA), took the opportunity to send him a letter, stressing the crucial role that AFSA member companies, including traditional installment lenders, play in the lives of ordinary Americans. In it, AFSA President, Bill Himpler, points out that:
“More than 200 million Americans rely on a variety of uniquely tailored credit products made possible through mainstream and nontraditional financial services. Over one-third of Americans are considered “subprime,” and one in five has no credit file at all. We are ready to work with you to embrace inclusion and create opportunities for quality financial products that serve all individuals and families, including those who may be un- or underbanked, credit invisible, or those with impaired credit histories.”
The letter also spoke to the important work that the AFSA Education Foundation is doing in schools and communities nationwide to promote financial literacy skills, drawing on data from the most recent National Financial Capability Study, which indicates that:
“46% of individuals lack a “rainy-day” fund to cover expenses for three months. Moreover, 66% cannot adequately answer basic financial questions….”
AFSA’s letter can be read in full at afsaonline.org.
SOURCE: American Financial Services Association