CUs Skeptical About Growing Colorado’s Cash Advance Law Nationwide

CUs Skeptical About Growing Colorado’s Cash Advance Law Nationwide

DENVER—As the customer Financial Protection Bureau makes to ascertain nationwide rules regarding payday lending, the prosperity of Colorado’s payday financing legislation may possibly provide some form of model for federal action on matter. Nevertheless the credit union community is cautioning that a better appearance is essential, and that basing standards that are nationwide the Colorado statute may well not re re solve the issue.

Colorado’s payday financing legislation was created away from compromise. Customer advocates was indeed pressing for the percentage that is annual limit of 36%, which will have efficiently forced the payday industry from the state.

However the legislation that is usury-cap a wall surface within the state Senate this season. Continue reading CUs Skeptical About Growing Colorado’s Cash Advance Law Nationwide