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CUs Skeptical About Expanding Colorado’s Cash Advance Law Nationwide

The success of Colorado’s payday lending law may provide some type of model for federal action on matter DENVER—As the Consumer Financial Protection Bureau prepares to establish national rules regarding payday lending. However the instant payday loans Highland credit union community is cautioning that a better appearance is important, and that basing standards that are nationwide the Colorado statute may well not re re re solve the difficulty.

Colorado’s payday financing legislation came to be away from compromise. Customer advocates was in fact pressing for the percentage that is annual limit of 36%, which may have effortlessly forced the payday industry out from the state.

However the usury-cap legislation hit a wall surface within the state Senate this year. Continue reading