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Regular Session, 2014
SENATE RESOLUTION NO. 160
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 RESOLUTION1
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; and5
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; and8
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 and11
fast-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; and15
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; and18 SR NO. 160
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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 Senate of the Legislature of Louisiana4
does hereby urge and request that the Louisiana Credit Union League work on viable loan5
and product alternatives to consumers who do not qualify for traditional bank loans, and6
submit to the Senate Committee on Commerce, Consumer Protection and International7
Affairs a written report by March 1, 2015, containing a description of loan and product8
alternatives for such consumers and the feasibility of implementation in credit unions9
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 Jerry J. Guillot.
DIGEST
Broome SR No. 160
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
Senate Commerce Committee by March 1, 2015, that contains a description of loan and
product alternatives and the feasibility of implementation in credit unions throughout
Louisiana.