Community Financial Services Association says its thousands of payday loan customers send letters to the U.S. Congress asking to protect the access to short term credit.

A new report, released by Global Insight, details how the payday loans industry contributes 15,000 jobs to the economy and how its economic impacts billions of dollars to the economy. However, note that the report is prepared (pdf) by the Community Financial Services Association of America, which is the only national organization dedicated to promoting responsible regulation of the payday advance industry

Community Financial Services Association of America, a payday loan industry leader, promoting a responsible regulation of the payday advance, says the New York Times editorial board demonstrates an extraordinary lack of depth and knowledge of the payday advance industry in today's editorial which calls for restrictions on the industry.

Payday loans have been drastically reduced in Virginia due to new laws that are designed for that purpose. Payday loans are down 84 percent in VA this year.

IHS Global Insight conducted a comprehensive study analyzing the economic impact of the payday loans industry nationally and in states with storefront locations. Findings illustrate that payday loans have "measurable and significant" economic benefits to local economies directly through employment, compensation and taxes, as well as through indirect and induced relationships with suppliers and other industries.

STATS study questions media criticism of "predatory" payday loans.