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CUs Skeptical About Growing 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 credit union community is cautioning that the better look is important, and that basing nationwide standards on the Colorado statute may well not re re solve the situation.

Colorado’s payday financing legislation came to be away from compromise. Customer advocates was in fact pressing for the apr cap of 36%, which may have effortlessly pushed the payday industry out from the state.