So-called
consumer advocacy organizations who have nothing to lose do not
speak for the 19 million American households who use payday
loans.
D. Lynn DeVault, President , Community Financial Services
Association of America
According the the, Community Financial Services Association
of America (CFSA), tens of thousands of payday loan customers from across the
country have sent handwritten and emailed letters urging
Congress to preserve access to payday loans. The letters arrived
just as the House Financial Services Committee begins markup of
the Consumer Financial Protection Agency legislation.
"It is obvious from the letters that people who have used
payday loans fully understand the terms, greatly appreciate the
option and do not want Congress to limit their credit choices,"
said D. Lynn DeVault, president of CFSA. "The payday lending industry is
unique in that customers like the product exactly as it is. I
don't think banks, credit cards or even credit unions can say
the same."
"So-called consumer advocacy organizations are pushing
federal legislation that would ultimately ban payday loans. But
let's be clear, these organizations who have nothing to lose do
not speak for the 19 million American households who use payday
loans. The real-life impact of a ban would be devastating to
many families," said DeVault.
