HISTORY AND PURPOSE OF MCFA

The Mississippi Consumer Finance Association is a non-profit corporation, which was founded in 1958 for the purpose of promoting the welfare and education of its members engaged in the personal loan business in the State of Mississippi.  The Association’s Officers and Directors are elected by dues-paying members only at the Annual State Convention.  The Association’s Directors, who serve without compensation, meet regularly to discuss changes affecting our industry, i.e., new regulations, legal matters, proposed and/or pending legislation, educational programs and public relations matters.  The Association, in turn, distributes information to the membership through bi-monthly newsletters and bulletins from the Association’s Executive Director.

The Mississippi Consumer Finance Association employs a full-time Executive Director, who works with the members, answers their questions, forwards requested information, contacts prospective new members and monitors legislation.  We also retain a lobbyist, who works very closely with our Legislative Committee in monitoring legislation pertinent to our industry and in proposing legislation which could be beneficial to our members.  When necessary, the Association retains legal counsel to represent our interests in Supreme Court cases, Federal Trade Commission hearings and, in many other instances which have a potential impact on our industry.

The Mississippi Consumer Finance Association continues to support and promote consumer education programs, to emphasize the proper use of credit, and to create a better public awareness of our industry.  We offer high schools and junior colleges a one-week advanced course in consumer credit, together with a VHS video Inside Credit:  Three Stories.  Along with schools, credit counselors, civic groups and consumers, we provide a money planning book, Money and Your Marriage, three (3) brochures – Consumer Budget Planner, How To Be Credit Smart and What You Should Know Before Declaring Bankruptcy.

In conjunction with our educational programs, MCFA when needed has a public information program.  Through television and radio appearances by our members, together with statewide newspaper press releases and interviews, we inform the general public as to the positive impact our companies make on the state’s economy.  We firmly believe that the programs, combined with our extensive work with the State Legislature, helped pave the way for the positive legislative reform of our interest rate statutes in early 1986.  Everyone in our industry, throughout the State, should be keenly aware of the importance of that legislation to their own operation.

The Mississippi Consumer Finance Association retains an attorney who compiles and updates annually the Mississippi Consumer Credit Laws.  Copies of these laws are offered to members.

The Mississippi Consumer Finance Association has a Lender’s Political Action Committee (LEN/PAC) which is an independent, autonomous, non-partisan organization operating in compliance with State laws and regulations. LEN/PAC was established to serve as a political fund-raising arm of MCFA to promote and directly support legislators concerned with the welfare of the Consumer Finance Industry.

The Association believes that communication among its members is beneficial to all of us.  To further that goal, MCFA holds its Annual Convention each year with informative meetings, exhibits, recreational activities and ample time for visiting with fellow members and convention sponsors.  The Association is also an Affiliate Member of the American Financial Services Association, which enables us to keep our members informed of laws, regulations and other matters occurring throughout the country, which are pertinent to our members.

As you can see, the Mississippi Consumer Finance Association is a strong and vital part of the consumer finance industry in Mississippi.  In order to continue that leadership role, we need the input and support of all of the consumer finance lenders in the state.  If you are presently a member, please give your input to your local Director or to the Association office in Jackson.  If you are not a member, please contact  Marilyn Musselwhite, our Executive Director at:

3 Lakeland Circle, Suite 201, Jackson, Mississippi 39216

(601) 981-3834, e-mail: mcfassn@yahoo.com for information as to how you can be a part of this vital Association.