CFSA pushes back on Wall Street
March 10, 2010 | federal legislation, industry | Comments (0)From a news release sent out tonight:
Today, the Community Financial Services Association of America (CFSA), the trade association representing America’s responsible, small denomination, short-term payday lenders, questioned the activities of certain large Wall Street financial institutions for promoting their own interests over those of hard-working, middle income consumers.
“Unlike those who are responsible for the collapse of our financial system, payday lenders provide a fully disclosed, transparent and highly regulated product to working families with the highest customer satisfaction rate of any comparable product,” said CFSA Board Chair D. Lynn DeVault. “We are not an industry trying to hide behind pre-emption, in fact we are highly regulated in the 34 states we do business in. The attorneys general, banking commissioners and legislators in those states monitor our neighborhood stores on a daily basis.”
DeVault continued, “The same interests who brought complex and costly transactions that created havoc for millions of Americans are now trying to create a system of winners and losers that is stacked unfairly in their favor and is a bad deal for the average consumer.”
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