Wells Fargo, Payday Lenders Seek Advantages in Dodd-Frank Rules
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After more than 20 years in Hackensack, N.J., Financial Service Centers of America, a trade association representing check-cashing stores and payday lenders, packed up its headquarters in December and moved to a more strategic location: Washington, D.C.
The offices of the group known as FiSCA are now just two blocks from the Consumer Financial Protection Bureau, the nascent federal regulator created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act to oversee a broad array of financial firms, including those such as Dollar Financial and ACE Cash Express that offer quick cash at annual interest rates as high as 400 percent.