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New Mexico Gov. Michelle Lujan Grisham signed a Credit Union Association of New Mexico-supported bill into law to cap the interest rate on installment loans March 1. HB 132 reduced the maximum annual interest rate on installment loans to 36% (down from the previous 175%).
“This bill is a win for New Mexico’s hard-working families. The Credit Union Association of New Mexico worked to promote this important bill and educate our legislators about the excellent work our credit unions do each and every day to help members break cycles of poverty while putting them on a path toward financial wellness,” said Juan Fernández Ceballos, president/CEO of CUANM. “Several members of our Governmental Affairs Committee served as expert witnesses and defended credit unions when payday lenders tried to punish credit unions for standing against these egregious lending practices.
Fernández thanked credit unions for “being in this fight from the beginning,” especially Guadalupe Credit Union’s President/CEO Winona Nava and Chief of Financial Empowerment, Outreach, and Marketing Diane Sandoval.
He was named “an important figure” in getting the bill passed by the Santa Fe New Mexican in its coverage of the bill, which noted his “cool hand during debates” over the measure.