The payday advance, short-term credit industry is licensed and regulated in 33 states, where laws generally govern the terms of the transaction and require certain consumer protections. State regulators ensure that lenders are following the laws and regulations that govern the payday advance service through rigorous monitoring and enforcement activity. Although states provide the primary regulatory framework under which payday advances are offered, certain federal laws and regulations apply to our business and protect consumers. Federally, lenders must comply with disclosures required by the Truth in Lending Act (TILA) and are subject to other laws that generally prohibit misleading advertising, protect against discriminatory lending practices, and proscribe unfair credit practices. The Federal Trade Commission has oversight authority for compliance with federal laws by payday lenders. Like most members of the financial services industry, the payday advance industry will be regulated by the Consumer Financial Protection Bureau beginning in July 2011.
If you or your staff have questions or comments about CFSA member activity in your state, or would like to meet with one of our representatives, please contact:
at VWoodwardCFSA@MultiState.com or at 864.597.0226.
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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.
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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.
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.