The Community Financial Services Association of America was formed in 1999 to promote laws and regulations that protect consumers while preserving access to credit options and to support and encourage responsible practices within the short-term loan industry.
CFSA’s member companies represent more than half of all traditional small-dollar loan storefronts across the country, in more than 30 states. Our members provide credit to more than 19 million households, as well as a wide range of other financial products and services, including check cashing, installment and auto title loans, prepaid debit cards, as well as bill payment and tax preparation services.
Our members’ storefront locations put us in the heart of many financially underserved communities. CFSA members are heavily regulated at the federal level and in the individual states where they operate. Additionally, to serve our customers responsibly, CFSA has developed a set of 13 Best Practices that begin with compliance with all applicable state and federal laws, and also cover everything from advertising to collection practices. Our members hold themselves to a higher standard, and we believe that these practices differentiate our members from other providers in the small-dollar credit industry.
CFSA congratulates Kathy Kraninger on her nomination to serve as CFPB Director. The CFPB needs a Director who will listen to consumers and rely on unbiased data and research to guide its work. Ms. Kraninger is a longtime public servant and we hope that under her leadership the Bureau fulfills its intended mission as a truly independent, non-partisan agency that serves American consumers....
June 18, 2018
The Federal Reserve this week released a new report on the economic well-being of U.S. households in 2017. The report highlights that even with improved financial conditions over the past five years, 40 percent of Americans either could not cover or would struggle to cover an unexpected expense of $400. ...
May 23, 2018