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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 the better look is important, and therefore basing standards that are nationwide the Colorado statute may well not re solve the situation.
Colorado’s payday financing legislation was created away from compromise. Customer advocates was in fact pressing for an percentage that is annual limit of 36%, which will have efficiently forced the payday industry from the state.