First Day, Carlsbad

 Today wasn’t my first day at Yosto, but it was my first day as fully dedicated to it. Vlad and I are in Carlsbad California at the CFSA (Community Financial Services Association) conference. What a beautiful little city, and what a beautiful day. It is always fun to jump into a new project. I love learning about how my industry’s business flows day to day, its practices and common procedures.

 Since starting with the company I’ve spent the last two weeks doing nothing but gearing up for this conference. On the CFSA’s website, it describes itself and its mission as “a national organization dedicated to advancing financial empowerment for consumers through small dollar, short-term loans. It was established to promote laws and regulations that protect consumers, while preserving their access to credit options, and to support and encourage responsible payday advance industry practices.” The industry is highly controversial, and yet it is a creation of economic pressures. Something like 12 million people used payday loans in 2010, according to the Pew Charitable Trust’s paper on payday lending. (Payday Lending in America, Who Borrows, Where They Borrow, and Why.) 

I found the following video quite interesting. Dennis Shaul, CEO of the CFSA on C-SPAN talking about CFPB’s efforts to regulate Payday Lending.

 The CFSA is doing good work. There is a large population of Americans that suffers from a lack of access to credit, and payday loans are one of the very few options available. Our current  banking models do not fill the need, and self regulation of this young industry is incredibly clever. I love seeing an industry that is as… controversial as this one having a introspective direction. Understanding that the consumer’s welfare ultimately makes them more profitable.
 A strange experience.
 I met some great people. Had some fun conversations. Ate some good food. Ran around. It’s been a good day. Here’s a photo to make you jealous. Sorry, not sorry.