Helping to Protect Payday Loans, the People Behind CFSA

The Community Financial Services Association of America (CFSA) is a payday loan industry member organization invested in keeping payday loans legal in America on a state and national level. Through political advocacy and public, community and government relations, CFSA continues to be MAIN, and one of the ONLY, driving forces keeping payday loans legal in the United States.

CFSA was established in 1999 and currently represents over half of the payday loan industry's "voice". CFSA does have a code of conduct or Best Practices that all members must abide by. Among the Best Practices are requirements to display fees in large type and offer customers the option of an extended payment plan, at no additional charge, if they cannot repay their loan when due.

Currently the CFSA's biggest initiative is to help convince Congress NOT to create a Consumer Financial Protection Agency or at least not include payday loans under the regulatory power of the CFPA. Their reasoning is because they believe their product cannot be regulated like a traditional loan product. They also feel that as it is a short-term loan and the APR restrictions CANNOT be applied to their product, as well as, they weren't responsible for the banking crisis of 2008 and didn't accept taxpayers bailout money, so they don't understand why are they being targeted by large sweeping financial reform from Congress.

CFSA is currently accepting membership applications as well as consumer'bacs questions, concerns or feedback. If you are interested about reading more whitepapers and other educational material about their stance on payday loans and other short-term financial products click here

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