March 19, 2020 | Press Releases
In response to the COVID-19 pandemic and its impact on the consumer financial services industry, the Community Financial Services Association of America (CFSA) and the Financial Service Centers of America (FiSCA) jointly issued the following statement on behalf of FiSCA Executive Director, Ed D’Alessio, and CFSA Chairman, D. Lynn DeVault:
"During this difficult period, it is critical that the 60 million unbanked or underbanked Americans in this country have ready access to basic financial services through companies and people they trust, in the communities where they live. Reflecting this fundamental need, state and local governing authorities from New York to San Francisco have deemed community financial service providers and their services as 'essential.' We applaud these local elected officials working tirelessly to serve the public and ensure access to critical services.
"As a result, financial service providers are endeavoring to deliver a full line of products and services to countless Americans who truly need it, ensuring liquidity and the ability to meet needs such as grocery and prescription purchases, bill payments, and access to benefits. Financial Service Centers of America (FiSCA) and Community Financial Services Association of America (CFSA) members, in accordance with state and local jurisdictions, are cooperating with authorities to remain open in a safe and responsible manner with the health and well-being of our employees and customers as the highest priority.
"Moreover, it is critically important that such regulated services, the likes of which we provide every day to millions of Americans, remain operational so that consumers can have the confidence in the financial services they seek, complete with disclosure and transparency requirements pursuant to state and federal statutes.
"Our regulated financial service providers across 20,000 locations in the U.S. will continue to work extremely hard and in the safest, most responsible manner to serve our communities and customers during this uncertain economic period."
The Community Financial Services Association of America (CFSA) is the only national organization dedicated solely to promoting responsible regulation of short-term credit products and consumer protections through CFSA’s Best Practices. As such, we are committed to working with policymakers, consumer advocates, and CFSA member companies to ensure that short-term credit is a safe and viable option for consumers. For more information, visitwww.cfsaa.com.
FiSCA is a national trade association representing the Financial Service Center (FSC) industry. FiSCA members offer a wide array of necessary financial products and services to tens of millions of Americans each year in accordance with state and federal law. Additional information about FiSCA is available at www.fisca.org.