Payday Lenders Gather for ‘Luxurious’ Conference at California Golf Resort

Each year, payday lenders from around the country gather together for the annual meeting and conference of the Community Financial Services Association of America – a payday lending industry trade group. Putting the money of desperate Americans trapped in a cycle of debt to use, these gatherings take place at luxury resorts complete with golf tournaments at some of the nation’s top courses.

According to a quote attributed to Andrea Aguirre of Benny’s Payday in the CFSA’s 2015 conference marketing materials:

“I want to thank you and your team for such an amazing conference. The visuals were stunning and every last decadent detail was outstanding! Congratulations on a successful event.”

The CFSA’s penchant for organizing such lavish events seems to be at odds with its standard spin as reiterated by an industry spokesperson a few years ago in Roll Call:

“The industry is currently making only modest profits.”

La Costa Resort and Spa

The “luxurious” and “opulent” La Costa Resort & Spa in Carlsbad, California.

CFSA’S 2015 GATHERING: COSTS OVER $1,000 TO ATTEND AND IS BEING HELD AT THE “LUXURIOUS” AND “OPULENT” LA COSTA RESORT & SPA IN CARLSBAD, CALIFORNIA BOASTING EIGHT DIFFERENT POOLS, A TOP RANKED SPA, AND ONE OF “THE MOST STORIED” GOLF COURSES IN CALIFORNIA

  • March 3-6 2015: CFSA Will Hold Its Annual Convention At The La Costa Resort And Spa In Carlsbad, California. [CFSA 2015 Save The Date]
  • Members Pay $1,095 To Register For The Conference While Non-Members Pay $1,595. [CFSAA.com; Registration Form For 2015 Conference]
  • Omni Hotels Calls La Costa Resort And Spa “A Luxurious Getaway In Southern California.” [OmniHotels.com]
  • CBS Los Angeles: La Costa Resort And Spa Is “One Of The Most Opulent And Beautiful Resort Spas In Southern California.” [CBS Los Angeles, 6/20/13]
  • Omni La Costa Resort & Spa Features Eight Different Pools Including “Private Cabanas.” [OmniHotels.com, 2/20/15]
  • La Costa Resort And Spa Was Ranked The #1 Wellness Spa In The Country By Spa Magazine. [OmniHotels.com, La Costa Spa]
  • 2015: CFSA Is Planning A Golf Tournament At Champions Golf Course. [CFSA 2015 Schedule At A Glance]
  • The Golf Course Charges $295 Per Player And $85 Club Rental. [CFSAA.com; Registration Form For 2015 Conference]
  • The Golf Courses At Omni La Costa “Are Amongst The Most Storied In California” That Have Been Played By “The Best Professional Golfers In The World”, “Hollywood Celebrities”, “Prominent Politicians” And “Legendary Sports Heroes.” [FiveStarAlliance.com]

A TELLING LOCATION: PAYDAY LENDERS, LONG ACCUSED OF TARGETING MILITARY MEMBERS, ARE HOLDING THE 2015 ANNUAL CONFERENCE LESS THAN 13 MILES FROM CAMP PENDLETON, A LARGE MARINE BASE – THE CFSA OPPOSED RATE CAPS ON LOANS TO SERVICE MEMBERS

  • La Costa Resort & Spa Is Less Than 13 Miles From Camp Pendleton, One Of The Largest Military Bases In The Country. [Google Maps]
  • Pay Day Lenders “Crowd Around Military Bases And Aggressively Market To Military Families.” [Congresswoman Tammy Duckworth Op-Ed, Air Force Times, 11/3/14]
  • “Business Is Booming For Payday Lenders Clustered Outside Camp Pendleton” Despite The Military Lending Act Of 2006 That Caps Interest Rates. [San Diego Union Tribune, 1/4/15]
  • CFPB Study: Payday Lenders Bypassed Military Lending Act By Offering Servicemembers Open-End Lines Of Credit With Interest Rates Far Above The Payday Loan Cap. [AmericanBanker.com, 12/29/14]
  • Payday Lenders Bypass The Military Lending Act By Offering Deposit Advance Loans With Repayment Terms Of Longer Than 91 Days Or Property-Based Loans Of Longer Than 181 Day Which Are Not Covered By The Law. [ThinkProgress, 12/30/14]
  • CFPB Report Listed Examples Of Military Members Paying Up To 600% Interest On Loans That Were Not Covered Under The Military Lending Act. [ThinkProgress, 12/30/14]
  • Payday Lenders Have Found Ways To Exploit Loopholes In The MLA To Continue To Give Military Families High Cost Loans. [Duckworth Op-Ed, Air Force Times, 11/3/14]
  • CFPB Director Richard Cordray: “Lenders Use Loopholes In The Rule To Prey On Members Of The Military.” [Army Times, 10/6/14]
  • Many Payday Lenders Have Created New Products That Aren’t Scrutinized To The Extent Of Payday Loans But Still Have Interest Rates Between 300%-700% Including Lines Of Credit, Auto-Title Loans, And Installment Loans. [Cincinnati Enquirer, 8/11/13]
  • Payday Lenders Take $5 Million In Fees Each Year From Service Members—In Addition To Interest—By Offering Open-Ended Lines Of Credit That Are Not Covered By The Military Lending Act. [San Diego Union Tribune, 1/4/15]
  • CFSA: “We Are Against The 36% Rate Cap” On Military Service Members. [The Hill, 9/14/06]

PAST CFSA GATHERINGS HAVE BEEN HELD AT “LUXURIOUS” AND “OPULENT” DESTINATIONS FROM FLORIDA AND CALIFRONIA TO THE BAHAMAS

  • CFSA’S 2014 GATHERING: HELD AT THE OPULENT HILTON ORLANDO BONNET CREEK, GOLF TOURNAMENT HELD AT WALDORF ASTORIA GOLF CLUB [CFSA 2014 Schedule]
  • The Hilton Orlando Bonnet Creek

    The Hilton Orlando Bonnet Creek and Waldorf Astoria Golf Club in Orlando, Florida.

  • CFSA’S 2013 GATHERING: HELD AT “LUXURIOUS” ST. REGIS MONARCH BEACH IN DANA POINT, CALIFORNIA WITH “PRIVATE BEACH” AND “OCEANFRONT GOLF COURSE” [CFSA 2013 Schedule] [FiveStarAlliance.com]
  • St. Regis Monarch Beach

    The St. Regis Monarch Beach and Monarch Beach Golf Links in Dana Point, California.

  • CFSA’S 2012 GATHERING: HELD AT THE ATLANTIS IN PARADISE ISLAND IN THE BAHAMAS [CFSA 2012 Attendee Registration Form]
  • St. Regis Monarch Beach

    Atlantis at Paradise Island in the Bahamas.

  • CFSA’S 2011 GATHERING: HELD AT THE WESTIN DIPLOMAT RESORT AND SPA IN HOLLYWOOD, FLORIDA [CFSA 2011 Attendee Kit]
    Westin Diplomat Resort and Spa

    Westin Diplomat Resort & Spa in Hollywood, Florida.

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