SLS 14RS-1721 ORIGINAL
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Regular Session, 2014
SENATE CONCURRENT RESOLUTI ON NO. 79
BY SENATOR BROOME
LOANS. Requests that the Louisiana Credit Union League work on viable loan and product
alternatives for consumers who do not qualify for traditional bank loans and services.
A CONCURRENT RESOLUTI ON1
To urge and request the Louisiana Credit Union League to work on viable loan and product2
alternatives for consumers who do not qualify for traditional bank loans and services.3
WHEREAS, millions of Americans borrow small loans to cover ordinary living4
expenses and emergency events that may occur; and 5
WHEREAS, not every person who needs a small loan to cover his expenses qualifies6
for bank loans or products so he is forced to borrow from companies that issue loans that7
carry significant fees and interest rates; and 8
WHEREAS, the need for consumers to be able to make such loans to cover ordinary9
and emergencies expenses exists and credit unions in states like North Carolina and10
Wisconsin have launched programs that offer alternatives to traditional bank loans and fast-11
cash lending; and12
WHEREAS, one in three Americans are members of credit unions, which are entities13
that are cooperative, member-owned, not-for-profit financial institutions organized to14
promote thrift and provide credit to its members; and 15
WHEREAS, the primary goal of a credit union is to work towards encouraging its16
members to save money and traditionally, credit unions make loans to people of ordinary17
means; and 18 SCR NO. 79
SLS 14RS-1721 ORIGINAL
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WHEREAS, members of credit unions would benefit from alternatives to traditional1
bank loans and services when they need small loans to cover ordinary and emergency2
expenses. 3
THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby4
urge and request that the Louisiana Credit Union League work on viable loan and product5
alternatives to consumers who do not qualify for traditional bank loans, and submit to the6
House of Representatives Committee on Commerce and the Senate Committee on7
Commerce, Consumer Protection and International Affairs a written report by March 1,8
2015, containing a description of loan and product alternatives for such consumers and the9
feasibility of implementation in credit unions throughout Louisiana. 10
BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the11
Louisiana Credit Union League.12
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Broome SCR No. 79
Requests the Louisiana Credit Union League to work on viable loan and product alternatives
to consumers who do not qualify for traditional bank loans and submit a written report to the
House and Senate commerce committees by March 1, 2015, that contains a description of
loan and product alternatives and the feasibility of implementation in credit unions
throughout Louisiana.