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Cash Store Financial Provides Ontario Update – Cash Store Financial Engages Chief Compliance and Regulatory Affairs …

From
cash loan – Yahoo News Search Results:

EDMONTON , Feb. 27, 2014 /CNW/ – The Cash Store Financial Inc. (“Cash
Store Financial” or the “Company”) (TSX: CSF: NYSE: CSFS) today
announces that it has created the position of Chief Compliance and
Regulatory Affairs Officer (the “CCRO”). The CCRO reports directly to
the special committee of independent directors (the “Special
Committee”), which was appointed to review and respond to regulatory
developments in Ontario and to evaluate strategic alternatives.

Cash Store Financial is pleased to announce that it has engaged Michele
McCarthy to act as CCRO and to fulfill the mandate described below. Ms.
McCarthy is an experienced senior executive with experience in numerous
roles with global financial services companies.  She has previously had
mandates which included Chief Legal Officer, Chief Privacy Officer, and
Chair of the Board of Directors at significant public and private
corporations.

The mandate of the CCRO will include the following responsibilities:

Ensure that the Company and its affiliates (collectively, the “Cash
Store Group”) are in compliance with all federal and provincial
legislation, regulations and regulatory directives (the “Governing
Legislation”);

Ensure that all documents used in the business of the Cash Store Group
are compliant with Governing Legislation;

Develop procedures to identify, assess and communicate internally any
changes or proposed changes to Governing Legislation;

Foster a constructive relationship between the Cash Store Group and its
regulators; and

Oversee and assist business units within the Cash Store Group in the
resolution of compliance issues.

Cash Store Financial further announces that it is engaging in ongoing
discussions with its Ontario regulator in an effort to address the
regulator’s concerns regarding the issuance of a lender loan license to
the Company and its subsidiaries under the Payday Loans Act, 2008.  Ms. McCarthy will lead these discussions in her role as CCRO while
the Special Committee continues its review of strategic alternatives.

About Cash Store Financial

Cash Store Financial is the only lender and broker of short-term
advances and provider of other financial services in Canada that is
listed on the Toronto Stock Exchange (CSF.TO). Cash Store Financial
also trades on the New York Stock Exchange (CSFS). Cash Store
Financial operates 510 branches across Canada under the banners “Cash
Store Financial” and “Instaloans”. Cash Store Financial also operates
27 branches in the United Kingdom .

Cash Store Financial and Instaloans primarily act as lenders and brokers
to facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label
debit card (the “Freedom” card) and a prepaid credit card (the “Freedom
MasterCard”) as well as other financial services, including bank
accounts.

Cash Store Financial employs approximately 1,900 associates and is
headquartered in Edmonton, Alberta .

Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial
Ltd. operates in the United States under the name “Cash Store”.  Cash
Store Financial does not do business under the name “Cash Store” in the
United States and does not own or provide any consumer lending services
in the United States .

Forward-Looking Information
This news release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation and
“forward-looking statements” within the meaning of United States
federal securities legislation, which we refer to herein, collectively,
as “forward-looking information”. Generally, forward-looking
information can be identified by the use of forward-looking terminology
such as “estimates”, “plans”, “expects”, or “does not expect”, “is
expected”, “budget”, “scheduled”, “forecasts”, “intends”,
“anticipates”, or “does not anticipate”, or “believes” or variations of
such words and phrases or state that certain actions, events or results
“may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be
achieved”.  Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Cash Store
Financial, to be materially different from those expressed or implied
by such forward-looking information, including, but not limited to,
changes in economic and political conditions, legislative or regulatory
developments, technological developments, third-party arrangements,
competition, litigation, risks associated with but not limited to,
market conditions, and other factors described under the heading “Risk
Factors” in our Annual MD&A, which is on file with Canadian provincial
securities regulatory authorities, and in our Annual Report on Form
20-F filed with the U.S. Securities and Exchange Commission.  There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. We do not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.

SOURCE The Cash Store Financial Services Inc.

FinanceInvestment & Company Information
Contact:

For further information, please contact:

Gordon Reykdal, CEO, at 780-408-5118, or
Peter Block, NATIONAL Public Relations, 416-848-1431

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Cash Store Financial Provides Ontario Update – Cash Store Financial Engages Chief Compliance and Regulatory Affairs …

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