The Proud Payday Lender: Kim Gardner of Cash USA

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In 1994, Kim Gardner started Equity Management Group, which operates Cash USA. She was the owner of the company until it was acquired by Check Into Cash in 2016. She is one of only three woman serving on the board of the payday lending industry’s special interest trade group, Community Financial Services Association of America (CFSA).

During a field hearing held by the Consumer Financial Protection Bureau (CFPB), she said she was “proud to be a payday lender.” She even claimed that payday lenders like herself always had the best interests of their custumers in mind when they provided them with high interest payday loans. Gardner opposed any federal regulation of the payday lending industry. She claimed that the industry was “effectively regulated at the state level.”

Over the years Gardner has contributed at least $16,500 to the campaigns of powerful politicians and PACs.

The Details:

“Proud to Be a Payday Lender”

  • Gardner: “I’m Proud To Be A Payday Lender.” During a field hearing held by the Consumer Financial Protection Bureau, Gardner testified, “I’m proud to be a payday lender. Not everyone can or will turn to a bank when they’re in need of credit. We provide critical access to short-term credit for millions of American families each year through affordable, reliable and transparency services. Payday loans are simple, they’re clear and they’re easy to understand. Let’s face it. Nobody really wants to go and borrow money. But when the urgent need comes up before their next payday, our customers know they can turn to us.” [Field Hearing on Payday Lending, Consumer Financial Protection Bureau, 1/19/12; Wall Street Journal, 1/19/12]

Claimed Payday Lenders Like Herself Always Had the Costumers Best Interests in Mind

  • Gardner Claimed That Her Payday Lending Companies “Always Keep[s] [Customers] Best Interest In Mind.” During a field hearing held by the Consumer Financial Protection Bureau, Gardner testified, “The core of our business is really customer service. We treat our customers with respect and dignity and we always keep their best interests in mind. We know customers have options when it comes to short-term credit, whether it’s a payday loan, a bank, a credit union program or maybe a credit card service. Our job is to make sure they have the information they need to make the best personal and financial decision for that individual’s situation.” [Field Hearing on Payday Lending, Consumer Financial Protection Bureau, 1/19/12]

Opposed Federal Regulation of Payday Loans

  • Gardner Opposed Federal Regulation Of Payday Loans, Said Payday Lending Was “Effectively Regulated At The State Level.” “Payday lender Cash America’s bid to persuade Congress to pre-empt state regulation of its industry in favor of one set of federal rules ranks as a very long shot. In recent years states have cracked down on the short-term, high-interest loans that the Fort Worth, Texas, company and others like it provide to down-on-their-luck borrowers. And Congress has gotten in on the act, banning payday lenders from giving loans to members of the military starting in 2007 and requiring the Consumer Financial Protection Bureau created in 2010 to watch out for borrowers’ interests. The industry itself is divided on the regulation issue, with some companies content to leave things as they are. At a CFPB hearing in January, Kim Gardner, the chief executive of Cash USA, said, ‘Our services are effectively regulated at the state level.’ Gardner chairs the payday lending industry’s trade association, the Community Financial Services Association, which is staying out of the fight even though Cash America is a leading member. In part, it doesn’t believe that House legislation introduced last year by Democrat Joe Baca of California and Republican Blaine Luetkemeyer of Missouri has any chance.” [CQ Weekly, 7/21/12]

Over the Years Gardner Has Contributed at Least $16,500 to the Campaigns of Powerful Politicians and PACs.

[Center for Responsive Politics]

  • 04/03/2000 – $500 – Sessions, Jeff
  • 07/11/2000 – $1,000 – DNC/Non-Federal Individual
  • 08/25/2000 – $500 – Hilleary, Van
  • 02/15/2002 – $1,000 – Americans for a Republican Majority (Rep. DeLay Leadership PAC)
  • 03/26/2002 – $1,000 – Cantwell, Maria
  • 05/09/2003 – $1,000 – Harris, Katherine
  • 09/30/2003 – $2,000 – Sessions, Pete
  • 06/22/2004 – $1,000 – Burr, Richard
  • 08/31/2004 – $1,000 – Americans for a Republican Majority (Rep. DeLay Leadership PAC)
  • 09/29/2004 – $1,000 – Ross, Mike
  • 10/05/2004 – $500 – Hensarling, Jeb
  • 03/18/2005 – $1,000 – Americans for a Republican Majority (Rep. DeLay Leadership PAC)
  • 04/26/2005 – $1,000 – Pryce, Deborah
  • 09/26/2005 – $2,000 – Blasdel, Chuck
  • 03/21/2006 – $1,000 – Johnson, Tim
  • 04/28/2006 – $1,000 – Freedom Project (Rep. Boehner Leadership PAC)
  • TOTAL: $16,500

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