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Audit Finds 99 Percent of U.S. Payday Lenders in Compliance With Best Practices

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Global Compliance, an independent auditing firm, has found that more than 99% of Community Financial Services Association of America's member companies are operating in compliance with CFSA's self-imposed payday-loan industry Best Practices.

"We hold our members to a high standard of responsible service," said Tommy Moore, CFSA Executive Vice President. "As a condition of CFSA membership, companies are required to follow a set of Best Practices. We take this very seriously and are committed to ensuring CFSA member company stores are in full compliance."

First adopted in 2000, CFSA's Best Practices have evolved with the growing industry. Most recently, CFSA began requiring all member companies to present consumers with fees on poster-size displays in all stores and on company websites. Other enhancements include steps to ensure responsible marketing, as well as offering an extended payment plan to customers who cannot payback their loan when due.

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