Consumers need credit, not confusion.

Credit terms should be easy to understand. the Consumer Financial Protection Bureau’s (CFPB) Rules should be too.

The CFPB released policies important for consumers and the consumer credit companies it regulates. Unfortunately, the policies are so confusing and unclear, they risk hindering millions of consumers’ access to credit in a time when most Americans face more than a $700 increase in their monthly bills for basic goods and service, like gas and groceries.

In times of need, consumers shouldn’t have to worry about not having the credit they need to keep their financial lives on track. Consumers deserve to be confident they are protected. Credit lenders deserve certainty and clarity so they can serve consumers, not be caught in a regulatory speed trap.

It’s time for clear rules of the road – Consumer Credit Protections – to ensure accountability and transparency from the CFPB.

The CFPB Must Provide Clarity to Consumers and Lenders

The CFPB’s overreaching regulations are harming – not helping – consumers.

Hear from American Financial Services Association President Bill Himpler on how Consumer Credit Protections will benefit consumers and lenders.

What happens when the CFPB doesn’t set clear expectations and rules of the road? Watch this video to learn more.

Consumer Credit Protections

Traditional Installment Lenders’ Consumer Credit Protections benefit consumers with affordable and transparent loans. The Consumer Credit Protections are built on four principles:

Consumer Confidence

Consumers deserve choices in loan products they can be confident will benefit them and meet their needs.

The Right Price

Consumers deserve a loan that is affordable and won’t hamstring them month to month or trap them in a cycle of debt.

Clarity and Certainty

Consumers must have understandable loans, with agreements that include all costs, disclosures and clear terms and conditions.

Privacy and Security

Consumers must be confident that their personal information and sensitive data is protected and respected by those they do business with and regulators that have access to that data.

What is Traditional Installment Lending?

For more than a century, traditional installment lenders have
helped consumers meet their unique credit needs.

Traditional installment lenders serve millions of consumers – those with good credit, as well as those with imperfect credit – because consumers deserve responsible and affordable alternatives to gray- or black-market loans, or loans that trap borrowers in a cycle of debt. 

Empowering Your Finances

Understanding the consumer credit products available to you helps you make the most informed decisions for you and your household and to take control of your financial future.  

A better understanding of the fundamentals of personal finance will help you prepare for unexpected expenses or to purchase a new or used vehicle.  

We are AFSA

Founded in 1916, the American Financial Services Association (AFSA) is the primary trade association for the consumer credit industry, protecting access to credit and consumer choice. AFSA members provide consumers with many kinds of credit, including traditional installment loans, direct and indirect vehicle financing, mortgages, payment cards, and credit for non-vehicle retail customers. AFSA members do not provide payday or vehicle title loans.