National Installment Lending Association

Welcome to the National Installment Lenders Association

Recently, the Obama Administration released a broad regulatory restructuring proposal that will fundamentally change how the banking industry operates. A large component of this proposal is the creation of a new consumer regulatory agency for financial services—the Consumer Financial Protection Agency.

If Congress passes legislation to create the Consumer Financial Protection Agency, government bureaucrats will have the subjective authority to determine what, from whom, and even IF individuals may borrow money to get financial help when it is needed most. This includes mortgages, credit cards, debit cards, installment loans and much more.

Hardworking Americans should have the authority to make their own financial decisions—creating a Consumer Financial Protection Agency will remove that choice. This year alone, the government has tried to take control of the health care, automotive, banking, and energy industries. Now Congress wants to create an agency that will make it virtually impossible for individual Americans to decide how they will access and use credit.

Creating a new federal agency will restrict what installment lenders may charge for our services and could well force us out of business altogether. Installment lenders throughout the country believe that a separate consumer regulator is not necessary and is in direct contradiction with the existing approach which recognizes that consumer protection and safety and soundness are bound and should not be separated.

Our association—the National Installment Lenders Association— is asking member company employees and customers to contact your Members of Congress today to let them know that creating a new consumer regulatory agency is not the solution. It will only complicate our existing regulatory structure by adding another layer of bureaucracy with no guarantee of better consumer protection.

We encourage you to communicate these concerns to your own Senators and Representatives. Please take a moment to learn more about this issue; identify and write your legislators; and become involved!