FOR SENATOR SHELBY
Monday, November 23, 2009
On Monday, November
23, 2009 a group of individuals, who are leaders in the title loan
industry, hosted a private fundraiser-reception
for Senator Richard Shelby, the Senior Senator from Alabama. The
event was led by Roy Hutcheson (Title Cash), Robert Reich (AARAL
and Community Loans) and John Robinson (AARAL and TitleMax).
Although these key leaders led the charge, the event was a total team
effort that included many other industry leaders
from around the southeast. Click here to see
the full list below.
You can also
here for a photo tour of the event.
Senator Shelby is not just "any" Senator. He serves on the
Committee on Banking, Housing, and
Urban Affairs and is the Ranking Member of that critically important
committee. That committee will decide the ultimate fate of the
Consumer Financial Protection Agency (CFPA) bill now under
consideration in Congress. The CFPA is being touted by many
“consumer advocates” as a vehicle to put title lenders and other
short-term lenders out of business and deprive millions of consumers
access to timely and affordable credit options we now provide.
There is potentially
no single individual in the U.S. Congress that might impact this
legislation more than Senator Shelby.
Click here to read
this article published recently in the New York Times. Do not
expect this legislation to die. Our voices have never been
WHAT WAS DISCUSSED
The Senator is an incredible person and everyone who attended the event
came away thoroughly impressed. Considering today's crop of most
political leaders, that is quite bold statement. He met and spoke with the
group for over an hour and discussed many issues that effect our lives
and our business from a national political perspective. In
particular, the Senator is clearly a "business friendly" leader and an
ardent believer in the free market. He adamantly opposes the CFPA
bill (Financial Czar bill) that is making its way through the U.S.
Congress. The members of the group had an opportunity to explain
the services the industry provides during the meeting and the Senator
expressed his firm belief that we would not exist if there was not a
market need for what we do. Needless to say, his beliefs reflect the views held by most all of our members.
SUMMARY - WHAT'S NEXT?
The CFPA bill will most likely continue to work its way through the U.S.
Congress and it is possible some version may pass. It is a
comprehensive bill that effects the entire consumer credit industry and
has the potential to wreak havoc in our economy and in our industry.
Although it is quite possible a bill will pass, it is our view that the
likelihood it will include "industry killing" provisions that were
part of the original Obama administrations plan are somewhat
reduced. Clearly, much work needs to be done to prevent
this devastating legislation, but it is not a forgone conclusion it will be
passed as originally proposed.
These events do not happen "spontaneously." A significant amount
of hard work
and contributions were made by many to make this critical event
possible. Click on the image to the right for a list of the
industry leaders and the many others who made this event possible by
donating their time and financial support. If your name is not on
the list, there will be other opportunities for you in the future.
In the meantime, be sure you express your thanks to those who made this
critical event possible and be very thankful we had this opportunity at
such a critical time for our industry.