CFSA Announces "Lending Hands" To Assist Hurricane Recovery

Community lenders to make donations to the American Red Cross for money transfers to impacted areas

WASHINGTON, Nov. 8, 2012 /PRNewswire-USNewswire/ -- As part of its ongoing commitment to support local communities, today the Community Financial Services Association of America (CFSA), the national trade association of regulated storefront payday lenders, announced Lending Hands, an initiative in partnership with MoneyGram International (MoneyGram) and the U.S. Hispanic Chamber of Commerce (USHCC) to assist people and businesses in areas affected by Hurricane Sandy.

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Through this effort, MoneyGram will make a $1 donation per transaction up to $200,000 to the American Red Cross for each money transfer sent in November to areas impacted by Hurricane Sandy. Participating CFSA members will match MoneyGram's $1 dollar contribution for each qualifying money transfer made from their locations to the affected areas, which include New Jersey, Southern New York, Connecticut, and Eastern Pennsylvania.

"Millions of Americans face the daunting task of rebuilding their lives, homes and businesses in the wake of Hurricane Sandy," said Dennis Shaul, CEO of CFSA. "We want to make that easier in the best way we know how – by facilitating their access to funds and ensuring financial support reaches the people who need it most, when they need it most. Our member companies are proud to join forces with MoneyGram in offering donations."

In addition, MoneyGram is waiving the transaction fee for customers who make donations to the American Red Cross using its ExpressPayment® service.

"During a crisis, every minute and every dollar count. Our goal is to make it easier to send money to the areas impacted most by Hurricane Sandy," said Pamela Patsley, chairman and CEO, MoneyGram. "We are working closely with the American Red Cross and our U.S. agents to ensure money sent to this area will quickly and reliably get to the people who need it most."

"The USHCC applauds the alternative financial services industry for its heartfelt generosity and efforts to alleviate the financial difficulties faced by so many in the wake of this disaster," said Javier Palomarez, president and CEO, USHCC. "While there is certainly a long road to recovery, it is through initiatives like this that families and businesses along the east coast will be able to take important steps toward rebuilding. We sincerely thank CFSA, its members, and MoneyGram for leading these efforts."

About CFSA
The Community Financial Services Association of America (CFSA) is the national organization dedicated to advancing financial empowerment for consumers through small dollar, short-term loans. Now in its 13th year, CFSA was established to promote laws and regulations that protect consumers, while preserving their access to credit options, and to support and encourage responsible payday advance industry practices. Learn more at CFSAA.com

About MoneyGram
MoneyGram, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 284,000 agent locations--including retailers, international post offices and financial institutions--in 196 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.

About USHCC
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over 3 million Hispanic-owned businesses in the United States that generate nearly $465 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico.

SOURCE Community Financial Services Association of America (CFSA)