Home of The California Financial Service Providers

Compliance Workshop in Costa Mesa September 10

As part of its on-going effort to help members and the industry conduct business ethically and professionally, CFSP is offering a Deferred Deposit Transaction Law Compliance Workshop in Costa Mesa on September 10^th.

Why Compliance Is Important

Compliance protects your business from potentially large fines from the Department of Corporations and from losing your license to do business. Simply put, if your business is not compliant with the California Deferred Deposit Transaction Law (CDDTL) you could lose everything you've invested in your business.

Compliance is the foundation on which your business must be built. As such, it takes on-going attention to make sure your business is always in compliance with all of the laws under which you operate.

The Department of Corporations has a Zero-Tolerance Policy when it comes to non-compliance. You do need to be very familiar with the CDDTL. We recommend you read it at least quarterly.

What you will learn and registration information...

Predatory Reporting? STATS Study Questions Media Criticism of 'Predatory' Payday Loans

WASHINGTON, July 22, 2008 /PRNewswire-USNewswire/ -- A new report by The Statistical Assessment Service (STATS) at George Mason University finds that media coverage of payday loans reflects an insufficient understanding of interest rates and other financial data. The study concludes that some news reports of stratospheric interest rates in the payday loan industry do not withstand closer scrutiny. The full study is available at: http://www.stats.org/stories/2008/how_bad_payday_loans_july18_08.html (and is included below for your reference)

The California Black Chamber of Commerce is announcing a new statewide effort to provide financial literacy education through its local chapters across California. With support from the California Financial Service Providers Association (CFSP), the Chamber will soon be offering a program entitled “Taking Control of Your Finances,” which includes lessons on basic financial services; the importance of saving; managing banking relationships; investing; budgeting; and the responsible use of various types of credit.

Read the entire press release. (93KB PDF)

Payday Loans Improve Borrowers' Financial Survival

February 6, 2008

Farifax, VA:

A team of researchers from George Mason University and Colby College have found that allowing individuals access to payday loans improves the borrowers' ability to survive financially. Because payday loans can help the participants to manage their personal finances better, the availability of payday loans -- despite their high cost -- improves consumer welfare in the study by allowing borrowers to deal with unexpected expenses. However, borrowers whose demand for payday loans exceeds a certain threshold level are at a greater risk than those who do not have access to payday loans.

Welcome

Thank you for visiting the California Financial Service Providers (CFSP) Web site. Here you'll have easy access to accurate and helpful information about our industry, our members, and our association. We’ve found that while most consumers do business with a variety of financial service providers, our members offer important choices to Californians as they manage their day-to-day finances.
Read more...

Join CFSP About CFSP Contact Us Member Login