Access to Credit

As the U.S. economy continues its recovery, many Americans continue to have difficulty making ends meet, with tens of millions of families estimated to be living paycheck-to-paycheck. A recent Federal Reserve report found that nearly half of the people surveyed said they could not cover a hypothetical emergency expense of $400. This is a widespread problem, as 45% of Americans either experienced a major unexpected expense over the past 12 months or had an immediate family member who had an unexpected expense. Yet for millions nationwide, accessing credit remains a challenge.

For years, tens of millions of Americans have relied on small-dollar loans to weather unexpected financial hardships such as medical bills or car repairs. In fact, 94% of small-dollar loan borrowers consider obtaining such loans to be a sensible decision when they are faced with unexpected expenses. Small-dollar loans are often the least expensive option for consumers, particularly compared to bank fees – including overdraft protection and bounced checks – or unregulated offshore internet loans and penalties for late bill payments.

Out-of-Touch CFPB Ignores Consumers, Issues Final Small-Dollar Lending Rule

October 5, 2017 | Federal & CFPB Regulations

Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), today released the following statement regarding today’s...

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New Survey: Borrowers Are FAR More Favorable Toward Payday Loans than Voters Without Experience

July 17, 2017 | Access to Credit

Washington, D.C. – New survey research released today by premier polling firms Global Strategy Group (D) and the Tarrance Group (R) ...

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Illegal Obama-Era Program Rebuked as Federal Court Green-Lights Lawsuit Against Government

July 6, 2017 | Federal & CFPB Regulations

ALEXANDRIA, VA – The U.S. District Court for the District of Columbia yesterday issued a stinging rebuke of the Obama administration’s ...

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Six Plaintiffs Join Advance America Complaint Against Federal Government’s 'Operation Choke Point'

January 13, 2017 | Access to Credit

On January 11, 2017, six new plaintiffs joined Advance America in asking the Court for emergency relief from unlawful regulatory actions ...

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CFSA Projects More Than One Million Customers Oppose CFPB’s Restrictive Payday Lending Rule

October 5, 2016 | Access to Credit

Alexandria, Va. –The Community Financial Services Association of America (CFSA) anticipates that more than one million concerned Americans will have...

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More Than 172,000 Public Comments On CFPB Payday Lending Rule Portal Set A New CFPB Record

September 27, 2016 | Access to Credit

Alexandria, Va. – The Consumer Financial Protection Bureau’s (CFPB) short-term credit rule comment portal has received more than 172,000 ...

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CFPB Buried, Ignored Positive Payday Loan Customer “Tell Your Story” Testimonials It Requested

September 6, 2016 | Federal & CFPB Regulations

Alexandria, Va. – New documents released today reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the ...

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CFPB Rule A Staggering Blow To Consumers

June 1, 2016 | Federal & CFPB Regulations

Alexandria, VA – The Community Financial Services Association of America (CFSA) today released the following statement in advance of the ...

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