CFSA Media Coverage

The following articles, op-eds and editorials were published in national, state and local newspapers from around the country. They are provided to give you a broader view of payday lending.

Thousands Rally for Payday Lenders NBC 4 Local News (May 6, 2008) In this piece, NBC Channel 4 in Columbus, Ohio reports on the Statehouse lawn rally held on Tuesday, May 6th in protest of Senate bill HB 545 that would essentially shut down the payday advance industry in Ohio.

2,500 protest at the Statehouse against payday-lending restrictions The Columbus Dispatch (May 6, 2008)

Payday lending is examined The People's Defender (May 9, 2008) In this editorial, Senator Tom Niehaus explains how the passage of  HB 545 in its present form will eliminate an option for thousands of Ohioans. He said, "It will punish the responsible for the actions of the irresponsible. If we applied this logic to driving, no one would be permitted to drive."

I'd Gladly Pay you Tuesday for a payday Loan Today America Legislative Exchange Council (May 2008) In this opinion piece Michael Hough, Director of the Commerce, Insurance & Economic Task Force at the American Legislative Exchange Council writes about recent legislature being considered in several states to cap annual interest rates on small consumer loans. He concedes, "This 'nanny state' legislation deprives all consumers the freedom to take out payday loans for the sake of protecting a few consumers who made irresponsible financial decisions."

New Survey Exposes Flaws in Ohio Payday Lending Legislation  FindLaw For Corporate Counsel (April 30, 2008) "This survey shows that almost nobody would be willing to lend money at the rate which Ohio legislators want to cap short-term loans", said Tim Miller, Communications Director at the Center for Consumer Freedom.

COUNTERPOINT: Reining in payday loans Rocky Mountain News (February 23,2008) In this op-ed, Darrin Andersen, president of Community Financial Services Association, concedes that the proposed legislation to eliminate payday lending in Colorado "denies their [consumers] freedom and forces Coloradans to suffer the consequences."

CFSA responds to Wall Street Journal story CFSA responds to inaccuracies in Wall Street Journal February 12, 2008 article, Social Insecurity: High-Interest Lenders Tap Elderly & Disable.

Keep Virginia market free The Washington Times (February 3, 2008) In this op-ed, John Berlau, director of the Center for Entrepreneurship at the Competitive Enterprise Institute, writes in support of the free market when it comes to payday lending in Virginia. He notes, "Evidence is already mounting from other states that caps on payday loans reduce choices for consumers and leave them financially worse off than before."

Who uses payday loans? Not who you might think. The Virginian-Pilot (January 29, 2008) This article discusses research detailing the location of payday lenders in Virginia. "But an analysis by The Virginian-Pilot reveals…lenders are targeting middle-income neighborhoods, usually near shopping malls, and avoiding poor areas."

Big Nanny Puts Her Foot Down – No More Payday Loans! Carolina Journal Online (January 11, 2008) This op-ed discusses how banning payday lending in North Carolina hurt consumers and took away a viable financial option.

Why Many People Use Payday Loan Services Instead of Using Banks Wall Street Journal (January 30, 2008) In this letter to the editor, Darrin Andersen responds to the Clinton/Schwarzenegger initiative to bring the "unbanked" into the financial services mainstream, expand access to credit and provide financial literacy programs.

A Legislative Conflict Of Interest The State (January 14, 2008) In this op-ed by Don Weaver, president of the S.C. Association of Taxpayers, Weaver questions the validity of frivolous law suits against payday lenders.

Poverty, Not Payday Lenders, Is Our Enemy The Decatur Daily (January 13, 2008) In this article, Eric Fleishauer discusses how regulating payday lenders out of business will hurt our consumers. He goes on to say that payday lenders are, "responding to the market incentive to fill a demand."

Good intentions pave way to financial ruin The Roanoke Times (January 11, 2008) In this op-ed, David W. Kreutzer, a senior economist with the Employment Policies Institute, discusses how consumers would be adversely affected if a 36% APR rate for lenders was to be imposed in Virginia.

Community Commentary: Payday loans have a role to play in N.H. Foster's Daily Democrat (January 13, 2008) In this op-ed, New Hampshire State Representative Marshall Quandt, makes a strong argument for the value of the payday lending industry. He describes the needed service that the industry provides and how eliminating it would harm consumers.

Cap on payday loans would hurt those most in need The Daily Press - VA (January 7, 2008) “For centuries, the proud independence of its citizenry has kept the Commonwealth of Virginia at the forefront in the fight against overbearing government. Forfeiting this role for feel-good legislation is a big step in the wrong direction — especially when the legislation harms those it's intended to help.”

"The Nanny State Says No to Payday Loans" Foundation for Economic Education (November 28, 2007) In this column, George Leef discusses the negative impact that banning payday loans can have on consumers. He says, "I maintain that Sowell's Axiom holds. When government takes away options, it is bound to make some people worse off."

Payday lenders promote fee transparency www.tusconcitizen.com (November 28, 2007) In this article Darrin Andersen, President of Community Financial Services Association explains the new fee disclosure rule and explains why payday advance customers have the right to basic information about products or services before making a purchase.

Consumer Rights, Industry Responsibility swnewsherald.com (November 21, 2007)

Payday Advance Industry Eliminates the Fine Print Medialink (November 2007) In this interview, Darrin J. Andersen, President, Community Financial Services Association describes the new fee disclosure rule and explains how the rule helps protect consumers nationwide.

Fee disclosure for payday lenders News Channel 15 ABC (November 16, 2007) This article explains how CFSA will be informing customers in large print just how much interest borrowers have to pay in each state.

Be Careful: You may need that payday loan - Springfield, MO News Leader (10/17/2007) Op-ed by Tom Linafelt of Quick Cash, a CFSA member. Linafelt argues that banning the industry would deny Missouri consumers the right to make their own choices, limit their credit options and force many to rely on more costly options such as unregulated offshore Internet lenders and bouncing checks.

Payday loans can be repaid more slowly - Wichita Eagle (10/14/2007) Article by Deb Gruver discuses the extended payment plan now being offered by CFSA member companies.

Payday lenders provide a needed product The Roanoke Times (August 3, 2007) In this editorial, A. David Davis, president and CEO of Check N' Go, rebuffs the claim by industry opponents that payday lenders target the less fortunate. He goes on to dispel the myth regarding high APRs by deducing "To reach the 391 percent APR detractors claim cash advance stores charge, a two-week loan would have to be "rolled over" 26 times. State laws and our industry's best practices prohibit these excessive rollovers."

Payday loans: a necessary product The Roanoke Times (July 29, 2007) In this editorial, Kevin Doyle, Virginia regional manager for Quik Cash dispels the myths of predatory lending in the payday advance industry. He offers this analogy, "Just as a taxicab is not the right choice for a cross-country trip, but a good choice for a ride across town, a payday advance can be the best choice for someone short of cash a week or two before payday."