It’s an honor to deliver this keynote address at the annual meeting of the Consumer Financial Services Association. CFSA members are important providers of consumer credit, particularly payday loans to lower and middle income borrowers.
These have been difficult times for many of you, particularly in light of what has been at times a hostile government environment at the federal level. Bank regulators, and more recently the Department of Justice with its Operation Chokepoint, have been forcing out of the banking system many companies offering small dollar loans, check cashing, and other services vital to working people. Over the past two years many of your companies engaged in lawful business activities have been cut off from access to check clearing, deposit accounts, and other routine banking services required to keep any company in operation.Posted: Mar 6, 2015