Thousands Send Letters Urging Congress to Protect Access to Short-Term Credit

WASHINGTON, Oct. 15 /PRNewswire-USNewswire/ -- 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 the Community Financial Services Association of America. "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.

About the Community Financial Services Association of America

The Community Financial Services Association of America (CFSA) is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSA's Best Practices. As such, we are committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers.

For up-to-date news and information on the payday lending industry, visit www.paydaypundit.org.

SOURCE Community Financial Services Association of America (CFSA)

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