Financial Service Center Customers Make Their Voices Heard About Proposed CFPB Rules Designed To Restrict Critical Credit Products

Dec 03, 2015, 16:39 ET from Financial Service Centers of America

WASHINGTON, Dec. 3, 2015 /PRNewswire-USNewswire/ -- Financial Service Centers of America (FiSCA) is proud to announce that it recently logged more than 104,000 signatures into the White House's We the People petition website in opposition to the Consumer Financial Protection Bureau's proposed short-term lending rules. The We the People website allows Americans to exercise their constitutional right to petition the United States government on issues that impact their lives. The goal of the FiSCA petition campaign was to have the voices of consumers who need access to short-term credit heard by those who are seeking to regulate these credit products. Crossing the 100,000 signature threshold in less than 30 days should lead to an official response from the White House.

In response to the release by the CFPB in March of a complex set of regulatory proposals that would dramatically limit, or even eliminate, the availability of small dollar, short-term loans that are critical to millions of Americans, FiSCA launched an industry-wide campaign to bring actual customer voices into the discussion. The petition emphasized that the right of individual Americans to manage theirs and their families' finances is personal, and should not be taken over by the federal government.

"We realized that our customers had no idea the CFPB is contemplating a significant intrusion into their personal financial lives through rules that will dramatically restrict the credit products they rely upon and use responsibly," said Edward D'Alessio, Executive Director of FiSCA.  "A significant part of the petition process is simply raising awareness of what is likely to happen to people.  Once we informed our customers about the implications of these regulations on their lives they took action and signed the petition."  

About FiSCA

FiSCA is a national trade association representing the Financial Service Center (FSC) industry.  FiSCA members offer a wide array of necessary financial products and services to tens of millions of Americans each year in accordance with state and federal law.  These products and services include small loans such as payday loans, auto title loans and installment loans that are used by hard-working people who often have no other credit alternatives.  Anyone interested in signing the FiSCA petition can sign in electronically up until the White House responds.  The petition can be accessed at http://wh.gov/iEcUd.  Additional information about FiSCA is available at www.fisca.org.

Logo - http://photos.prnewswire.com/prnh/20151203/293105LOGO

 

SOURCE Financial Service Centers of America



RELATED LINKS

http://www.fisca.org