SOUTHLAKE, Texas, April 21, 2018 /PRNewswire/ -- The National
Pawnbrokers Association (NPA), the only national trade association
representing independent pawnbrokers, is holding its annual
Legislative Conference in Washington
DC on April 24, 2018. This
year, pawnbrokers will attend meetings with
legislators on Capitol Hill to draw attention to bank
de-risking practices, which have terminated bank accounts for
pawnbrokers across the US.
The NPA reports that US banks are terminating financial services
to pawnbroking businesses, such as business credit cards, savings
and checking accounts in a practice known as "de-risking."
Tim Collier, pawnbroker and
President of the National Pawnbrokers Association states,
"De-risking unfairly impacts pawn businesses that service
non-recourse collateral loans to approximately 30 million Americans
annually who rely on pawn loans to make ends meet when they can't
access money elsewhere." De-risking is largely caused by
overzealous banking regulations and ultimately hurts the most
vulnerable in our community.
The NPA Legislative Conference is designed to build and
reinforce relationships between pawnbrokers, their Members of
Congress and staff. The conference helps create a greater
understanding by Congress of the important role the pawn industry
plays in serving the financial needs of Americans.
The NPA represents independently owned brick and mortar pawn
stores which provide access to non-recourse, short term, small
dollar loans to consumers with limited access to traditional forms
of credit. Pawnbrokers are safety-net lenders that provide consumer
loans based upon personal property. Pawnbrokers and pawn
transactions are covered by 15 federal statutes and regulations,
including the consumer protection and anti-money laundering laws
that apply to other credit providers designated as financial
institutions. These federal, state and local laws govern all
aspects of pawn transactions, including allowable charges,
duration, redemption of collateral, as well as detailed
record-keeping requirements.
For more information about the NPA please visit
www.NationalPawnbrokers.org.
The NPA works to provide independent pawnbrokers nationwide
with resources and tools to strengthen the pawn industry. NPA
members are committed to operating their businesses in such a
manner as to enhance and promote the positive and professional
image of all pawnbrokers. Members believe in establishing positive
and long-lasting relationships with local, state, and federal
government officials. The NPA is the industry's only national
association and is located in Southlake,
TX.
View original content with
multimedia:http://www.prnewswire.com/news-releases/pawnbrokers-alert-capitol-hill-lawmakers-of-the-effects-of-de-risking-on-consumers-300634132.html
SOURCE National Pawnbrokers Association