Pawnbrokers from around the country will meet in Washington, D.C. April 18th to meet their Members of the House and Senate.
The banking failures this past month have put the financial industry and its regulators on notice. Washington D.C. is paying 100% attention to all members of the broad financial services industry.
Banks will face increased scrutiny and probably will be required to pay higher deposit insurance premiums because of recent bank failures.
Higher premiums will put extra pressure on banks’ profits and that may cause banks to review relationships with non-bank providers such as pawnbrokers. Banks will want to, or be required by regulators, to de-risk everything possible. Pawnbrokers experienced de-risking through “Operation Chokepoint” and several waves of bank consolidations. No need to explain what could happen to our banking relationships – again.
With the future of the CFPB in Congress’ hands, higher deposit insurance premiums stressing national, regional, and community banks, and lots of bills about data security, privacy, and even federal rate caps that were pending in the last Congress, there are many reasons for you to help other NPA members protect the pawn industry and your pawn business. These issues should be enough to get you to Washington D.C. for the NPA’s April 18th Legislative Conference, the first since 2019.