The success of Colorado’s payday lending law may provide some type of model for federal action on matter DENVERвЂ”As the Consumer Financial Protection Bureau prepares to establish national rules regarding payday lending. However the credit union community is cautioning that a closer appearance is essential, and that basing nationwide standards on the Colorado statute may well not re solve the situation.
Colorado’s payday financing legislation came to be away from compromise. Consumer advocates have been pressing for an percentage that is annual limit of 36%, which will have effectively forced the payday industry from the state.
However the legislation that is usury-cap a wall surface into the state Senate this year. Continue reading “CUs Skeptical About Growing Colorado’s Cash Advance Law Nationwide”