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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE 2 days ago

Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD 2 days ago

Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7 2 days ago

WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN. 2 days ago

Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN. 2 days ago

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Georgia payday-loan bill goes to governor

ATLANTA (3/8/05)--A compromise version of Georgia's payday-loan bill--which would shut down already illegal payday loans--passed the state House and Senate Thursday, reports Georgia CU Affiliates (GCUA). The bill, effective May 1, is headed for Gov. Sonny Perdue's office for signature.

The credit-union-supported bill, originally sponsored by Johnny Floyd (D-Cordele), requires licensing of payday lenders, with permits based on the needs of the community. It also caps their interest rates at 60% a year or 5% a month--in line with the state's usary law. And it provides law enforcement the tools to prosecute lenders who issue short-term loans of $500 or less at interest rates that sometimes reached 1,000%.

Payday loans already are illegal in Georgia because they violate the state's usury cap of 60% a year; however, because the offense was a misdeanor with light penalties, there was little incentive to prosecute (Atlanta Journal Constitution (March 4). The new bill allows prosecutors to charge violators with racketeering, which carries a penalty up to 20 years in prison. Also, victims can file class action suits, which often can involve substantial amounts of money.

According to Cindy Connelly, senior vice president of advocacy with the GCUA, Georgia's credit unions actively worked with the House and Senate Banking Committee chairs, the Attorney General, the Insurance Commissioner and the Department of Banking and Finance to address abusive lending practices (News Now Feb. 11).

Payday lending has proliferating in the state, especially near military bases. Payday lenders have been criticized for charging vulnerable military personnel and their families exorbitant interest rates for loans of a few hundred dollars.

	Resource Link
	Statement Stuffer: Payday Loans: The Hard Truth about Some Easy Money