WASHINGTON — The Community Financial Services Association, the trade association that says it represents 60% of the payday lending industry, will unveil a new policy that will require its members to disclose more of their fees before the small value loans are made.
"The Community Financial Services Association's new policy will ensure that customers know, in simple terms, exactly what the fees are before they enter into any transaction," the Association said in an announcement of the upcoming policy change.
The association called the new policy "mandatory" and "unprecedented," stating that it "is part of an ongoing effort to respond to the concerns of policymakers and protect the financial well being of customers."
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The new policy will be formally announced on Nov. 15.
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