The Credit Union Association of New Mexico (CUANM) and credit unions continue to work together with local governments to improve the financial well-being of New Mexican families amid the continuing pandemic.
In an op-ed for Santa Fe New Mexican, President/CEO of CUANM Juan E. Fernández Ceballos highlights what almost 40 credit unions are providing across the state.
Fernández Ceballos notes that for the past two years, New Mexican families have lost their jobs and/or businesses, forced to take a leave of absence and take out very-high-interest loans.
“175 percent interest rate, often with hidden provisions that charge borrowers added fees. These predatory lending practices unfairly target working families, putting profit above the community’s well-being,” said Fernández Ceballos.
Part of CUANM’s work will include creating fair regulations, to prohibit ‘unreasonably high’ interest rate loans and provide affordable loan options.
Fernández Ceballos calls on local legislatures to create “commonsense regulations” to protect consumers and regulate high fees and interest rates as neighboring states have.