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Regular Session, 2014 ENROLLED
SENATE RESOLUTION NO. 160
BY SENATOR BROOME
A RESOLUTION
To urge and request the Louisiana Credit Union League to work on viable loan and product
alternatives for consumers who do not qualify for traditional bank loans and services.
WHEREAS, millions of Americans borrow small loans to cover ordinary living
expenses and emergency events that may occur; and
WHEREAS, not every person who needs a small loan to cover his expenses qualifies
for bank loans or products so he is forced to borrow from companies that issue loans that
carry significant fees and interest rates; and
WHEREAS, the need for consumers to be able to make such loans to cover ordinary
and emergencies expenses exists and credit unions in states like North Carolina and
Wisconsin have launched programs that offer alternatives to traditional bank loans and
fast-cash lending; and
WHEREAS, one in three Americans are members of credit unions, which are entities
that are cooperative, member-owned, not-for-profit financial institutions organized to
promote thrift and provide credit to its members; and
WHEREAS, the primary goal of a credit union is to work towards encouraging its
members to save money and traditionally, credit unions make loans to people of ordinary
means; and
WHEREAS, members of credit unions would benefit from alternatives to traditional
bank loans and services when they need small loans to cover ordinary and emergency
expenses.
THEREFORE, BE IT RESOLVED that the Senate of the Legislature of Louisiana
does hereby urge and request that the Louisiana Credit Union League work on viable loan
and product alternatives to consumers who do not qualify for traditional bank loans, and
submit to the Senate Committee on Commerce, Consumer Protection and International
Affairs a written report by March 1, 2015, containing a description of loan and product
alternatives for such consumers and the feasibility of implementation in credit unions
throughout Louisiana. SR NO. 160 ENROLLED
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BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
Louisiana Credit Union League.
PRESIDENT OF THE SENATE