Payday Pundit

The Community Financial Services Association of America has hit back at a phony “consumer” group scorecard which grades states on their lending rules.  From the CFSA news release: 

The Consumer Federation of America (CFA) and the National Consumer Law Center (NCLC), two out-of-touch “consumer” groups which feel they have the authority to grade state lending laws, were given an “F” today by the Community Financial Services Association of America (CFSA) for deceiving media with a phony scorecard of state laws.

“These so-called ‘consumer’ groups have neither the knowledge nor authority to judge states’ regulation of lending practices,” said Tommy Moore, CFSA Executive Vice President. “Grading states based on an arbitrary interest rate cap may be a simple way to generate media attention, but it’s a terrible way to protect consumers and regulate lending practices.”