CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUANM-backed interest rate bill signed into law
CU System

CUANM-backed interest rate bill signed into law

March 10, 2022
CUANMLogo

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.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us