AFSPA
AFSPA
AFSPA
AFSPA
AFSPA
AFSPA Association
AFSPA
Examination of Small-Dollar
Credit Consumers
Payday Lending
Statutes by State
The Association of
ALTERNATIVE FINANCIAL SERVICE BUSINESS OWNERS
"We help you grow your business by providing you with the best information, research, data, support, relationships and by
vetting and presenting the best available product and service providers for the alternative financial services industry
."
Copyright 2015 @ All rights reserved.
Over 5,000 members with over 62,000 retail* locations and online operations offering:
CHECK CASHING - TITLE - PAYDAY - RENT.TO.OWN - AUTO - PAWN - INSTALLMENT - BILL PAY
MONEY ORDERS - MONEY TRANSFER - DEBIT - PHONE - PREPAID - TAX SERVICES - INSURANCE
*Store Front . Grocery . Bank . Retail . Convenience Store . Pharmacy . Finance . Tax Prep
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Government Accountability Office studying CFPB's payday
lending rulemaking
WASHINGTON (6/26/15)--The U.S. Government Accountability Office (GAO) is currently
investigating whether the Consumer Financial Protection Bureau
(CFPB) has properly assessed potential impact of its upcoming payday lending proposal.
Sen. David Vitter (R-La.) wrote to the GAO June 11 expressing concerns about the burden
the proposal could pose for small entities.
A Vitter spokesman confirmed to News Now Thursday that the GAO investigation has
started. Vitter is the chair of the Senate Small Business and Entrepreneurship Committee.
In his letter,
Vitter requested information on whether the CFPB:
* Sought adequate input from small entity representatives (SERs) what would be affected in
a way that guarantees adequate input;
* Distributed adequate informational materials to SERs on the proposal,
including information on how the proposal would impact the cost of credit;
* Has given small entities enough time to give their input before a proposed rule is drafted;
* Allowed the participation of the Small Business Administration's Office of Advocacy and
the Office of Management and Budget's Office of Information and Regulatory Affairs; and
* Taken steps to minimize the impact on cost of credit for small businesses, based on
information gained through the CFPB's Small Business Regulatory Enforcement Fairness Act
(SBREFA) panels.
Vitter also requested the GAO interview SERs who participated in the SBREFA panels to
gauge their reactions on the panel process. He specifically wanted the GAO to find out if
SERs believe their industry was adequately represented; received proper materials; and if
their concerns were accurately characterized and considered

CBS NEWS: In the shadow of Wall Street, many go "unbanked"
New York City is a global banking hub, which is why it might seem surprising that many of its
residents lack so much as a checking account.
An estimated 825,000 adults, or 13 percent of all New York City households, lack a bank
account, according to a report released Friday by the city comptroller's office. That is nearly
double the national rate. In at least two neighborhoods in the Bronx, more than half of all
residents were classified as "unbanked," meaning they had no relationship at all with a
financial institution.
In looking at 74 FDIC-insured banks that do retail banking in New York City, the
comptroller's office found that among the 20 banks offering the most affordable
combination of fees and opening deposits, the vast majority, or 90 percent, have 25
branches or fewer.
"Our study showed that New Yorkers trying to open their first checking account face a
bewildering array of options, and that the bank on your block might not give you the best
bang for your buck," Scott Stringer, the city's comptroller, said in a statement that also
unveiled an online tool to help New Yorkers find a viable banking option.

CNBC NEWS: Do consumers need better rules for prepaid cards?
Prepaid debit cards have been catching fire, with usage up 50 percent between 2012 and
2014, and for many consumers they serve as a primary financial tool. So says a new study
from the Pew Charitable Trusts released Tuesday.
But prepaid cards come with fewer regulatory protections than traditional credit cards, the
Pew study found. And the consumers who depend most heavily on the cards as a
transaction tool-those consumers who lack traditional bank accounts-tend to be less
sophisticated financial consumers. Even so, they often use the cards as something similar to
a checking account, having paychecks deposited directly to the cards and checking their
balances frequently.
AFSPA SUPPORTERS
Below are AFSPA members that support the work we do.
Their financial support allows us to expand the work we do
for our members and the industry
.

Bronze Supporters
AFS Lending: Louisiana
Joe Doherty: Ocala, Florida

Silver Supporters
Cashsmart Ohio
Texas Organization of Financial Service Centers
Anonymous - Louisiana Owner

Gold Supporters
Pesco Incorporated: Detroit, Michigan
Anonymous   

Diamond Supporters
Mike Davidson: Fairfax, VA
Anonymous - Texas Owner
Platinum Supporters

Lifetime Supporters
*THANK YOU to the newest GOLD SUPPORTER
1st Choice Money Center
*THANK YOU to our newest DIAMOND SUPPORTER
Who wishes to remain ANONYMOUS
THANK YOU to those that SUPPORT
what we do!