CFSA board chair to members
July 26, 2010 | Financial Reform Bill - CFPB, federal legislation, industry | Comments (0)D. Lynn DeVault, board chair of CFSA, issued the following statement to members last Friday:
”While we worked to improve Congress’s efforts to add layers of regulations over our already highly regulated industry, it’s time for the industry to look forward and not backward.
“We intend to work with the future Consumer Financial Protection Bureau (CFPB) to ensure that any new regulations provide strong consumer protections while preserving and increasing competition in the small loan market. CFSA will engage in direct discussions with the CFPB and expects to be a leader in the development of the Bureau’s position on short term lending products.
“Our association’s Best Practices provide consumer protection and disclosure guidelines that should apply to the entire small-dollar, short-term loan market. As the most transparent financial service in that market and one already subject to strict state laws, we believe that any rules should create a level playing field in order to provide the greatest benefit to consumers.”
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