We stand up to protect consumers against predatory lending models and products. For example, in 2018, our working group led the campaign for Proposition 111, which capped payday loan interest rates statewide at 36%. With 77% voter approval, we succeeded in addressing one of the exploitative tactics used by payday lenders. The work continues.
Colorado consumers are also at risk of predatory business models from larger installment loans, student loans, auto loans, and home loans. Our efforts help insure fair access to wealth-building credit and loans for all Coloradans.
Our working group seeks to:
- Increase statewide access to banking, financial coaching, and loans for unbanked and underbanked Coloradans
- Defeat efforts to hike interest rates, add unnecessary fees and expenses, or place additional cost-burdening loopholes on Colorado’s poorest borrowers
- Investigate new predatory lending models emerging in the auto lending world
- Defend the Consumer Financial Protection Bureau (CFPB)
- Ensure Coloradans know their rights and responsibilities in the marketplace so they avoid dangerous debt traps