FiSCA Merges Memberships with CFS

UPFRONT FiSCAACTIVITIES

Single Entity Represents Approximately 8,000

Locations

In an industry increasingly facing challenges from competition, technology, and changes in the law, there is a renewed emphasis on collective action as the means to protect business interests. The financial services industry has long had three trade associations working to represent it in general, and with respect to its various markets. These trade associations often worked together, but frequently found themselves overlapping, or worse, working at cross-purposes. As a result, key audiences sometimes received mixed messages, leading to a reticence to engage on behalf of the industry. In addition, members and affiliate members were torn between trade associations, being required to chose one over another, or dividing their resources.

Recognizing the negative aspects of the current industry trade association environment, and on a more positive note, recognizing significant and substantive common interests and values, the leadership of FiSCA and the Community Financial Services Association (CFSA) began a series of discussions to explore a better path forward. These discussions also recognized stresses on the industry, even prior to the COVID-19 pandemic. Following months of talks, on August 1, 2020, FiSCA and CFSA entered into an agreement to merge their memberships, staffs, leadership, and operations to create a unified trade association with a singular mission: to better represent their member companies and the consumer financial services industry. Beginning on August 1, the nowexpanded FiSCA and CFSA staffs have undertaken the multitude of tasks to merge the two associations into one. The merged association is now operating as a single entity, which represents more than 350 companies operating approximately 8,000 locations throughout the U.S. In addition to the structural mergers, the Boards of FiSCA and CFSA, also now merged, approved a mission statement and a detailed strategic plan to guide their efforts.

THE MERGED ASSOCIATION IS NOW OPERATING AS A SINGLE ENTITY, WHICH REPRESENTS MORE THAN 350 COMPANIES OPERATING APPROXIMATELY 8,000 LOCATIONS THROUGHOUT THE U.S.

Over the coming months, members will receive additional information about the expanded association, including a change in the FiSCA name and brand. (Notably, CFSA will remain in existence, with members, for the purpose of representing the interests of the industry plaintiffs in a pending lawsuit challenging the CFPB’s Small-Dollar Rule.) With the merger, FiSCA adds several large national financial service center operators, including Purpose Financial (formerly Advance America), Check Into Cash, and QC Financial. Notwithstanding the expanded association, FiSCA recognizes that healthy markets include operators of all sizes and business models, and remains strongly committed to the representation of all members.FiSCA members will also continue to enjoy the traditional benefits of membership, and member benefits will be expanded. The combined association will conduct annual conferences under the MoneyTrends banner. Currents magazine will also continue but will evolve with the newly merged association. Stay tuned for more information regarding the expansion of FiSCA’s membership and its evolution.