Policymaker Resource Library

The payday advance, short-term credit industry is licensed and regulated in 34 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: Vicki Woodward at VWoodwardCFSA@MultiState.com or at 864.597.0226.

Affected by Natural Disasters

University of Chicago, finds that the existence of payday lenders benefits communities struck by natural disasters.
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Best Practices

CFSA ensures responsible conduct among lenders, protects borrowers’ rights, and encourages self-governance of the payday advance industry.
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Better Financial Footing

If you are a consumer and have found yourself in financial straits, here are a few quick tips on how to rebuild or repair your credit history.
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Can’t Compete

While FDIC considers its Small Loan Program a success, small dollar loans from banks cannot compete with the cost and ease of payday loans.
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Consider the Facts

Many prominent researchers have examined the payday advance, here is a look at some key findings.
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Credit Unions Fall Short

The reasons why traditional financial institutions have been reluctant to offer payday loan alternative products.
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Customer Demographics

Our customers are the face of America: Men and women with families and jobs.
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Know Your Fee

The important info you need about the states in which the payday lending industry operates.
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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.

CFSA COMMUNICATIONS DEPARTMENT

As the voice of the payday advance industry, CFSA provides a variety of communications resources and multimedia vehicles that enable members, consumers, legislators, and the media to stay connected and up-to-date on key policy and regulatory issues. If you are a member of the media and need assistance, please call 888.572.9329 or click here to send CFSA’s Communications Department an e-mail.

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TO OUR MEMBERS

Thanks for visiting the CFSA Web site. CFSA values you as a member. Consequently, we are 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 Member@CFSAA.com.

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TO OUR PARTNERS

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.

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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.