Petition on Upcoming Payday Lending Rules Successfully Gathers 100,000 Signatures
As a company we have always believed that our customers are our best advocates, so the value of ensuring their voices are heard in the short-term credit debate can never be understated. As part of our ongoing efforts to provide customers, as well as employees, with various ways to express their thoughts and opinions, our Company temporarily added a feature on AdvanceAmerica.net late last year that gave team members, customers and other site visitors the opportunity to sign a petition directed to the Obama Administration opposing the short-term lending rules being currently being developed by the Consumer Financial Protection Bureau (CFPB).
The CFPB is the federal agency responsible for regulating a wide variety of financial products and services, including cash advances, auto title loans, and some installment loans. The agency is expected to release its proposed rules on short-term loans this spring, and, once finalized and implemented, will likely seek to limit consumers’ access to payday loans.
Through our website, users could go directly to the White House’s “We The People” petition page, where they were asked to sign a petition urging the Obama Administration to oppose restrictive rules on payday loans. The petition needed to receive 100,000 signatures within a 30 day period in order for the White House to review it and issue an official response.
The petition received more than 105,000 signatures!
The White House recently issued a response to the petition, providing background on the CFPB, the Bureau’s rulemaking process and the intended objective of its upcoming short-term lending rules. This response was emailed to everyone who signed the petition, including employees, customers and other advocates of regulated short-term credit.
Thank you for your continued support in protecting regulated short-term credit.