As states across the country have reduced workforces to essential businesses, the financial services industry and its support chain have remained among the essential businesses in operation.
Trade associations representing the payday lending industry announced that they are proud to provide essential products to individuals and businesses and stand ready to provide needed liquidity in a time of business disruption.
“During this difficult period, it is critical that the 60 million unbanked or underbanked Americans in this country have ready access to basic financial services through companies and people they trust, in the communities where they live,” the statement from Financial Service Centers of America (FiSCA) Executive Director Ed D’Alessio and Community Financial Services Association of America (CFSA) Chairman, D. Lynn DeVault stated. “Reflecting this fundamental need, state and local governing authorities from New York to San Francisco have deemed community financial service providers and their services as ‘essential.’ We applaud these local elected officials working tirelessly to serve the public and ensure access to critical services.
“As a result, financial service providers are endeavoring to deliver a full line of products and services to countless Americans who truly need it, ensuring liquidity and the ability to meet needs such as grocery and prescription purchases, bill payments, and access to benefits. Financial Service Centers of America (FiSCA) and Community Financial Services Association of America (CFSA) members, in accordance with state and local jurisdictions, are cooperating with authorities to remain open in a safe and responsible manner with the health and well-being of our employees and customers as the highest priority.”
The association leaders committed to working for Americans nationwide to safely provide funding for their day-to-day lives.
“It is critically important that such regulated services, the likes of which we provide every day to millions of Americans, remain operational so that consumers can have the confidence in the financial services they seek, complete with disclosure and transparency requirements pursuant to state and federal statutes,” they stated. “Our regulated financial service providers across 20,000 locations in the U.S. will continue to work extremely hard and in the safest, most responsible manner to serve our communities and customers during this uncertain economic period.”