Credit unions regrouping after Louisiana payday lending defeat

Credit unions regrouping after Louisiana payday lending defeat

Inclusiv is gearing up because of its next battle to pass through legislation in Louisiana that imposes caps on rates of interest for pay day loans.

State Rep. Edmond Jordan had introduced a bill that will have capped rates of interest on pay day loans at 36%. Sixteen other states and Washington, D.C., have enacted similar legislation.

Last thirty days, Jules Epstein-Hebert, system officer for the trade group, testified before the state’s House Commerce Committee to get the legislation, arguing that payday lenders took benefit of loopholes in current law to charge excessive charges. (more…)