Borrow
Smart
is
a community and customer relations program first launched by lenders in
Alabama in 2007 that works to educate the public and the media about short term
loans. We have worked diligently to support consumer protection issues
through our
Code of Fair Lending and our
Borrow Smart Financial Education initiative. This
work has been hugely successful in member
states in overcoming efforts by "consumer advocacy groups" to
define our industry and our customers negatively and who wish to
regulate short term loans out of business. We have
accomplished this by furthering the cause of consumer issues,
promoting the wise use of our services and by launching other consumer
based initiatives.
Borrow Smart Compliance is another of our consumer protection initiatives now
available for lenders who must implement the new federal
consumer regulations and laws as enacted in the Dodd - Frank
Wall Street Reform bill. Our industry and our members fully support consumer protection.
Further, it is now the law of the land and all lenders must
comply with all aspects of these new and complex federal laws and regulations.
Borrow Smart is leading the way in this effort for our industry.
