I am concerned that the letter “Balance between access and protection” by D. Lynn DeVault did not have a disclaimer when printed. The Community Financial Services Association of America (CFSAA), of which DeVault is chairman, is no more than a financial wolf in sheep’s clothing. DeVault and the CFSAA have a long history in defense of predatory lending, some rates of which are as high as 900 percent.
The ideas purported by DeVault that “balance” is needed in legislative protections pertaining to “small-dollar loans” and that these loans are “often the least expensive option” for consumers are absolutely ludicrous. In reality, consumers forced to use the small-dollar loan industry for quick cash might incur less cost of interest by borrowing from Vito at the local Mafia office.
The fancy name (CFSAA) is no more than a government-sounding name designed to suggest to small-dollar-loan consumers that some official organization is watching out for their financial wellbeing. Don’t be fooled by the wolf wearing the sheep outfit.
Michael K. Broughton
Green Park
