CFSA Media Coverage Archive

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.

 

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."

Moore will need all skills in new post- Orangeburg Times Democrat, SC- 7/12/2007

'Bounce Protection' Costs Consumers Plenty- US News & World Report- 7/11/2007 This article discusses the real costs that are associated with overdraft protection services provided by leading banks. "U.S. consumers pay some $17.5 billion each year in "bounce protection" fees, a new generation of high-cost loans that have virtually replaced older, cheaper systems of overdraft management and have become a cash cow for banks", reports the nonprofit Center for Responsible Lending.

State senator resigns and takes new job- South Carolina Now, South Carolina - 07/10/2007 Former State Senator Tommy Moore resigns to take a job within the payday lending industry. Moore says, "Payday advance customers appreciate this service, however, payday lending remains misunderstood by those unfamiliar with its benefits to working families. I look forward to dispelling misperceptions about the service and furthering CFSA's efforts to promote responsible regulation…."
Moore says he can help consumers in new position- WRDW-TV, GA - 07/10/2007
Tommy Moore joins National Payday Lending Trade Association as VP- WISTV- 07/09/2007
Moore takes job with payday lending group- Rock Hill Herald, SC - 07/09/2007

Payday loan industry launches major ad campaign- KCBY, Portland/Salem, OR- 7/9/2007 Reporter Melica Johnson reports on consumer reactions to the payday loan industry's major advertising campaign and Oregon's recent payday lending regulations. "For years, the payday loan industry has kept a low public profile - quietly taking blows from consumer advocates and politicians critical of its high interest loans. Now, a national association of payday lenders is playing offense with a major nationwide ad campaign telling borrowers to use their loans responsibly."

DC Payday Loan Customer Testimonials- 7/2/2007 DC residents give personal testimonials on the importance of short term loan services in their communities.

A Bad Solution to a Non-Problem, Bankstocks.com, 6/21/2007 Thomas Brown discusses new FDIC guidelines to offer payday loan alternatives.

Mayday for Payday Loans The Wall Street Journal (4/2/2007)
The Wall Street Journal takes an objective view of payday lending and in this April 2 editorial states that limiting or banning the industry "looks like another illustration of how to hurt working Americans in the name of helping them…Banning payday loans might please competing banks, credit unions and so-called consumer advocates, but it's hard to see how actual consumers would benefit."

Payday loan customers getting new protections Tucson Citizen (4/5/2007)
This opinion piece from CFSA president, Darrin Andersen, details new protections for payday lending customers in Arizona. Andersen's op-ed also appears in the Foster's Daily Democrat, Dover, NH (4/4/2007) under the title New protections for N.H.'s payday loan customers.

Pay day delay: Lenders provide useful service Union Leader Manchester, NH, (3/26/2007)
This editorial discusses legislative efforts in New Hampshire.  In doing so, the Union Leader states that, “Outlawing that [payday lending] service will not eliminate the need for some people to access a few hundred dollars quickly. It will either prevent them from getting the money, perhaps causing them to default on a larger loan or get evicted, or send them to another lender. The other lender might be a family member, church or non-profit. Or it might be a criminal…The bills ought to be killed. Better to have legal, above-board pay day lenders than to drive that business underground.”

Payday lending companies fill consumer demand Truman State University Index, Kirksville, MO (3/22/2007)
This article discusses bills introduced in the Missouri General Assembly to further regulate the payday loan industry in the state.

Payday industry changes image Associated Press (3/7/2007)
Article by Susanne Schafer detailing new consumer education campaign and changes to CFSA Best Practices. "The industry's biggest change would give customers more time to pay back a loan with no financial penalty. This "extended payment plan" would be available at least once a year and provide borrowers between two and four extra months to pay off loans."

Payday lenders tout changes as states, Congress take aim Associated Press (2/22/2007)
Article by Sam Hananel on changes to CFSA's Best Practices, "...the payday lending industry…announced changes to educate borrowers and help customers who have trouble making payments on short-term loans."

Payday lenders start $10 million PR campaign Military Times (2/26/2007)
Reporter Karen Jowers writes, "The payday loan industry has embarked on a $10 million consumer education program and financial literacy effort, officials with the Community Financial Services Association announced Feb. 21…The CFSA, a trade group for the industry, said it is also making changes to ease the burden for customers who cannot pay off their payday loan at their next pay period. Borrowers will be allowed to pay back loans in four equal payments coinciding with their pay periods, over eight weeks, with no additional fees or costs, in order to help avoid the cycle of rollover debt."

Payday lenders offer protections USA Today (2/26/2007)
Reporter Sue Kirchoff writes, "payday lenders unveiled voluntary consumer protections last week, including giving some borrowers more time to repay loans and ending ads promoting the product for "frivolous purposes," such as vacations."

Will Bubba Bring Back Payday Loans? Motley Fool (2/7/2007)
Rich Duprey examines proposals to allow payday lending in Georgia. "It would be just peachy if Georgia returned a sense of sanity to its state and permitted legal payday lending to return -- since, as Check Into Cash has pointed out, the only companies driven out of state were the ones willing to abide by the laws. The criminals remain. And providing a service that's both wanted and needed by a populace not being served should not make you a criminal."