The San Antonio City Council has adopted an ordinance thatlimits payday loans to 20% of a consumer's gross monthlyincome.
|The ordinance also limits auto title loans to 3% of theconsumer's gross annual income, or 70% of the vehicle's value,according to the Texas Credit Union League.
|Two other Texas cities – Austin and Dallas – have also placedrestrictions on payday loans and auto title loans.
|Ashley Harris, director of public relations for the $394 millionGenerations Federal Credit Union in San Antonio, told theleague the city council's ordinance will help protect the mostvulnerable members of the community.
|“Predatory lenders, unfortunately, have a strong presence in ourcommunity, “ Harris said. “But I do think the council's actionsends a valuable message to our community. It lets our citizensknow that San Antonio is a community that cares about theirfinancial well-being. And it sends a strong message to the paydaylenders that times are changing.”
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