As a company that represents nearly a full quarter of payday advance outlets in Canada, we will ensure that our voice is fully heard in all consultations regarding industry regulation and remain very open to ongoing collaboration with the CPLA.
Gordon J. Reykdal, Chairman and CEO, Rentcash

RentCash, Canada's only publicly traded payday loan company, announced it's withdrawal from the Canadian Payday Loan Association (CPDLA) and named Michael J.L. Thompson, former President of the Association, Vice President of Investor Relations and Government Affairs.

RentCash said that an agreement could not be reached regarding organizational aspects of the association. The decision is effective immediately.

"Rentcash was a founding member of the CPLA. We have always been proud to support the CPLA's objective of securing regulations that balance consumer and industry needs. While we regret this outcome we remain firmly committed to the spirit and provisions of the CPLA's code of best business practices. We will continue in our role as a leader in consumer protection," said Gordon J. Reykdal, Chairman and CEO of Rentcash Inc.

He added, "As a company that represents nearly a full quarter of payday advance outlets in Canada, we will ensure that our voice is fully heard in all consultations regarding industry regulation and remain very open to ongoing collaboration with the CPLA."

Mr. Thompson is the former President of the Canadian Payday Loan Association (CPLA). In that role, he was instrumental in securing recently tabled federal legislation that will enable provincial regulation of the payday loan industry. He also developed a compliance monitoring framework for the industry.

"Michael has been an industry leader and will be an invaluable addition to our organization and to the senior management team of Rentcash," said Gordon J. Reykdal, Chairman and CEO of Rentcash Inc.

"In addition to his investor relations role, Michael will have specific responsibilities for strengthening Rentcash's consumer protection initiatives and he will work with provincial governments in that regard."

Thompson has been an advisor on economic matters to associations and private companies in a variety of sectors, including several financial services organizations. He spent two years as Economic Policy Advisor to the Deputy Prime Minister of Canada. He holds an M.A. in Political Science from York University and a B.A. in Philosophy from Acadia.

Rentcash operates more than 430 stores across Canada under three banners: The Cash Store, Instaloans and Insta-rent.