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 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.
We are pleased by today’s announcement that the CFPB is proposing to rescind part of its 2017 final rule and to delay the compliance date. These rulemakings are good first steps, and we appreciate that the CFPB has recognized some of the critical flaws of the final rule as promulgated during former Director Richard Cordray’s tenure. ...
February 6, 2019
CFSA congratulates Kathy Kraninger on her confirmation as BCFP Director. The BCFP deserves a Director who will listen to consumers and rely on unbiased data and research to guide its work. ...
December 6, 2018