Industry initiates Congressional letter-writing campaign
Last week, Financial Service Centers of America (FiSCA) called on the industry to commence its 2010 letter writing campaign to their Members of Congress to urge them to oppose the proposed Consumer Financial Protection Agency (CFPA).  This agency could end up regulating check cashing, money transfers, money orders, small-dollar loans – in short, just about every product that Financial Service Centers offer.  It would be a bureaucratic nightmare that could create unnecessary regulation and drive up costs to consumers. Industry is joining with consumers to voice their opposition to CFPA to their elected officials in Washington. Both business owners and consumers can use the CFC website to identify their Members of Congress and access sample letters that can be modified and then sent. Just click here to find your Member of Congress and access the sample letters.

CFPA:  Don’t Become Complacent!
Some think that with the recent election of Scott Brown, to fill the Massachusetts Senate seat, and with the announcement of Senate Banking Committee Chairman Chris Dodd’s retirement, all industry’s worries are over.  Far from it!  Brown’s election is no guarantee of any outcome as far as the CFPA is concerned.  And Chris Dodd may well want the passage of a CFPA bill to be part of his legacy, now that his time in the Senate is nearing its end. And we know that President Obama still wants some form of CFPA legislation to pass this year as well. We cannot be lulled into complacency, and risk thinking CFPA may not happen.  Too much is at stake. The time for action is now. Contact your senators and representatives and tell them to vote NO on CFPA!