After federal relaxation of banking laws in the 1980s, a group of Tennesseans sought to provide small loan options for their fellow citizens. However, Tennessee law did not allow for them to meet their goal. The group realized they were faced with an opportunity to create new industries.

Founding partner, David McMahan, stepped up to the plate and accepted the challenge that would come with creating an entire industry. After retaining McMahan, Tennessee passed legislation authorizing the creation of the payday, title, and flex loan industries. Since passage, a number of other states have used his efforts as a template in creating various consumer lending industries.

McMahan Winstead & Richardson continues to reside at the forefront of financial services policy.