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News Now

CU System
Louisiana House bill would eliminate cap on loan fees
NEW ORLEANS (4/16/10)--The Louisiana House of Representatives voted Tuesday to get rid of a cap on upfront fees that banks charge for making consumer loans. Under the bill, authored by Rep. Jeff Arnold (D-Algiers), borrowers would not have the benefit of a $50-limit on loan origination fees and a $20-limit on documentation fees. The bill would allow banks to charge any amount agreed to by the borrower, relieving banks’ regulatory burden (The Times-Picayune April 14). The legislation also would put banks on the same “level playing field as credit unions,” which are not restricted by fees, the newspaper said. The Louisiana Credit Union League doesn’t expect the legislation to have a huge effect on credit unions, Lacey Hyer, league public relations specialist, told News Now. “Credit unions have always had the best [loan] rates,” she said. The league is aware of the legislation and is putting together an informational packet for lawmakers to reinforce the credit union difference, Hyer added.


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