Overview
The Community Financial Services Association of America (CFSA) was established in 1999 to help ensure consumer confidence in, and long-term success of, the payday advance industry—one of the fastest-growing financial service industries in the United States. Today, CFSA is comprised of 164 member companies, representing more than half of the estimated 22 thousand payday advance locations nationally.
CFSA’s mission is to promote laws and regulations that protect consumers, while preserving their access to credit options, and to support and encourage responsible industry practices.
CFSA works aggressively at the local, state and national levels to educate legislators and regulators about the role of payday advance in the broader financial service arena. The majority of states have considered and enacted balanced and responsible legislation, with 37 states and the District of Columbia currently regulating payday advance services.
To help self-govern the membership and encourage responsible industry practices, CFSA introduced a set of mandatory “Best Practices” in early 2000. To be a member of CFSA, a payday advance provider must abide by these practices. CFSA’s Best Practices cover areas such as full disclosure of transaction terms, compliance with applicable state and federal regulations, appropriate collection practices and encouraging responsible use of the service.
In 2004, the “Best Practices” were again revised to require compliance with a separate code of “Military Best Practices. ”These practices provide special protections that address the unique circumstances of military personnel who choose to use a payday advance.
CFSA is also proud to support special initiatives designed to help member companies promote their customers’ financial well being. The association’s CFSAccess program includes financial literacy initiatives such as promoting the FDIC’s Money Smart consumer education program through a partnership with the National Urban League. The association has recently announced an exciting new initiative allowing customers to build their credit history by voluntarily having their payday advance repayments reported to PRBC, an innovative new credit reporting agency.
Since its founding, CFSA has and will continue to demonstrate its member companies’ commitment to listening to emerging concerns of consumers and policymakers and taking action to address their needs.
