Canadian Lenders Association and American Financial Services Association Launch Cross-Border Automotive Finance Initiative to Combat Fraud and Advance Industry Innovation

FOR IMMEDIATE RELEASE

Canadian Lenders Association and American Financial Services Association Launch Cross-Border Automotive Finance Initiative to Combat Fraud and Advance Industry Innovation

Toronto, ON and Washington, DC – April 29, 2026 — The Canadian Lenders Association (CLA) and the American Financial Services Association (AFSA) today announced a strategic cross-border collaboration focused on strengthening the automotive finance sector through coordinated action on fraud prevention, as well as the use advanced technology to connect where consumer finance is today to where it needs to be tomorrow. 

AFSA, headquartered in Washington, DC, is the leading U.S. trade association representing the consumer credit industry, including a significant concentration of vehicle finance companies (captives, banks,  and independent finance providers). The collaboration brings together AFSA’s deep expertise in U.S. automotive finance with the CLA’s position as the unified voice of Canada’s lending ecosystem across banks, non-banks, fintechs, and credit providers.

A Cross-Border Response to Structural Industry Challenges

Automotive lending remains one of the most important segments of consumer finance. It is also increasingly exposed to fraud and data fragmentation across jurisdictions.

Through this partnership, the CLA and AFSA will focus on these priorities:

• Fraud mitigation, especially synthetic identity fraud, credit-washing, and organized financial crime;
• The use of new technology to modernize both the creditor’s systems and the borrower’s experience;
• Engaging policymakers in both countries to promote consistent, innovation-friendly regulatory approaches that preserve access to credit while protecting consumers.

The partnership recognizes that dealer networks, capital flows, and lending platforms continue to operate across borders, yet regulatory frameworks and fraud prevention systems remain fragmented.

“Canada and the United States share one of the most integrated automotive markets in the world, but our financial infrastructure remains fragmented,” said Gary Schwartz, President & CEO of the Canadian Lenders Association. “At the CLA, we are focused on building the connective tissue across lenders, dealers, fintechs, and policymakers. Partnering with AFSA allows us to take that work cross-border, particularly in addressing fraud, advancing modern underwriting and servicing platforms, and ensuring that innovation strengthens, rather than fragments, the market.”

“Automotive finance is a cornerstone of consumer credit in the United States, supporting millions of consumers, as well as a significant portion of the American economy,” said Celia Winslow, President & CEO of AFSA. “Our collaboration with the CLA reflects the reality that fraud, technology, and consumer expectations do not stop at the border. By working together, we can promote responsible lending, strengthen fraud prevention, ensure continued access to credit, while supporting a more efficient and innovative automotive finance ecosystem across North America.”

Anchoring Collaboration at Automotive Finance Canada 2027

As part of this initiative, the CLA and the AFSA will collaborate in hosting a New York Risk and Resilience Summit at EY’s headquarters. This event will provide an opportunity to discuss cyber threats, risk, and especially fast-moving changes in AI. Participants will propose and review  cutting-edge solutions  addressing these market shocks.

Dedicated sessions and working forums at the summit will focus on cross-border fraud trends, risk, the digital transformation of vehicle finance, and the possibility of shared frameworks for data.

About the Canadian Lenders Association (CLA)

The Canadian Lenders Association is the national voice of Canada’s lending ecosystem, representing banks, non-bank lenders, fintech companies, and service providers across consumer, automotive, real estate, and SMB finance. The CLA advances industry standards, policy development, and innovation to support responsible lending and financial inclusion in Canada.

About the American Financial Services Association (AFSA)

Founded in 1916, the American Financial Services Association is the primary trade association for the U.S. 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.