CFSA Responds to CFPB's Announcement on Payday Loan Complaint Portal

Wednesday, November 6, 2013 • CFSA

The Community Financial Services Association of America (CFSA) released the following statement regarding the Consumer Financial Protection Bureau’s (CFPB) announcement that it is now accepting complaints related to payday loans:
“CFSA strongly supports the CFPB’s effort to address illegal or unethical lending practices, and we believe the newly launched complaint portal will help both regulators and consumers identify bad actors in the marketplace.
“In advance of the portal launch, many of our members voluntarily signed up to take part in the process by which they will work through the CFPB to quickly handle and resolve a complaint with a customer.
“CFSA and its members have a long history of working with federal and state regulators and consumers to ensure the payday loan experience is a positive one. As shown by our adherence to a strict set of mandatory Best Practices, CFSA’s efforts to protect consumers serve as the industry standard. For instance, our members:

  • Collect past due accounts in a professional, fair and lawful manner. CFSA upholds the collection limitations contained in the Fair Debt Collection Practices Act (FDCPA), and a member will not use unlawful threats, intimidation, or harassment to collect accounts.
  • Offer loans in a safe and responsible manner, with important consumer protections in place. These include a right to rescind, a limitation on rollovers, and an Extended Payment Plan that allows customers unable to repay their payday advance when due a longer period of time at no additional charge.
  • Regularly send out debt collection scam alerts to make consumers aware of what they can do and who to contact in the event of a scam. CFSA also has a 24/7 toll-free hotline where consumers can report scams and illegal lending practices.
  • Are licensed lenders and comply with all state and federal laws while providing safe and reliable loans.

“According to the Federal Trade Commission’s annual consumer complaint report in 2012, less than one percent of complaints in the “Banks and Lenders” category were regarding payday loans.”



Amy Cantu, Communications Director


Connecting With Our Communities

Managing household finances can be a daunting task. However, by using solid budgeting and savings techniques, you can accomplish major financial goals. In the Customer Resource Center, CFSA offers a variety of payday advance resources that support and encourage responsible lending practices, and highlight the vital role of our members’ stores in neighborhoods near you.

Forgot Username or Password?


Thanks for visiting the CFSA Web site. CFSA values you as a member and is constantly seeking new ways to enhance your membership experience. As such, the information in this section is restricted to members only. If you are a CFSA member, please enter your username and password. If you have forgotten your login info, send an e-mail to

Forgot Username or Password?


Here you will find an aggregate of industry research, comprehensive data, and benchmarking tools from the short-term lending industry. They cover all payday advance business areas – consumer demographics, media hits, the latest policy initiatives, among others. Click here to access to the partner's resource library.

Forgot Username or Password?

For Our Policymakers

CFSA works at the federal, state, and local levels educate legislators and regulators about the role of payday advances in the broader financial services arena. This section provides resources for policymakers who believe in access to credit, want to preserve financial options and ensure balanced, substantive consumer protections. Click here to enter the Policymaker Resource Library.