CFSA: Protecting the Rights of Payday Loan Consumers

The Community Financial Services Association (CFSA) was created in 1999. Their duty is to encourage accountability within the cash advance payday loan industry. They also promote regulations and legislation that provides cash advance payday loan customers with consumer protection. The CFSA also maintains the consumer's access to cash advance payday loans. All CFSA member companies are required to display the CFSA member decal in all store locations as well as make CFSA brochures available to all loan customers.

It does instill a sense of security to know that there is an organization looking out for the rights of the consumers who find themselves in the position of needing the services provided by the cash advance payday loan industry. Or, is there? Let's look a little deeper.

A board is a group of people who manage or control a business. A director is a person who directs or manages others or a member of a group chosen to direct the affairs of a business. Hence, we have the term "Board of Directors".

The CFSA Board of Directors is in reality comprised of the cash advance payday loan industry leaders.
The irony here is this: The Community Financial Services Association's job is to act in the best interest of the consumers who are doing business with cash advance payday loan companies. The CFSA is run by the same cash advance payday loan companies that the consumers are being protected from.

Number of Centers Operated Nationwide.
Advance America and National Cash Advance (Cash Advance Centers); 2800+ stores nationwide, stock symbol AEA
Cash America Payday Advance and Cashland (Cash America International); 300+ stores in 25+ states, stock symbol CSH
Money Mart and The Money Shop (Dollar Financial Corporation), 1200+ stores in 30+ states, stock symbol DLLR
Check Into Cash; 1,200+ stores in 30+ states
Check 'n Go; 1,400+ stores in 30+ states

2006 Gross Profits and Net Incomes by Company
Cash Advance Centers had a gross profit of 261.99 million dollars and their net income was 70.15 million dollars.
Cash America International had a gross profit of 693.21 million dollars and their net income was 60.94 million dollars.
Dollar Financial Corporation had a gross profit of 328.52 million dollars and their net income was 6.96 million dollars.
Both Check Into Cash and Check n' Go are private companies therefore their current information is not publicly available.

These five companies represented almost 7,000 payday loan centers in 2006. These five companies had a combined known gross profit of 1283.72 million dollars and a combined known net earnings of 138.05 million dollars in 2006. For what this writer's opinion is worth, I'd have to say that the CFSA is doing a very fine job of protecting, regulating, encouraging, and maintaining.