The Community Financial Services Association of America (CFSA) today issued the following statement to dispel confusion surrounding the Consumer Credit Access, Innovation and Modernization Act (HR 6139), new legislation that would allow some non-bank lenders to operate under a federal charter.
“CFSA, the storefront payday lenders association, does not advocate for this legislation since it does not include our products. Our member companies have long operated in a highly regulated environment – at both the state and federal level. Such regulation is effective, balancing credit availability and consumer protection. While we generally support innovative efforts to provide consumers more credit options, HR 6139 does not include the payday loan product offered by CFSA members and we are not working for its passage.”
Amy Cantu, Communications Director