The CEO of a small credit union criticized for allegedly making payday loans strongly defends her institution, arguing the CU's loans help members escape short term, high interest debt.
Rhonda Hotard, CEO of the 25,000-member, $174 million Louisiana Federal Credit Union in the small, primarily industrial community of LaPlace near New Orleans, sharply disputes the allegations made by the National Consumer Law Center and the Center for Responsible Lending in a joint May 16 letter to the NCUA
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The two organizations praised the agency for its work so far to eliminate the loans, which those organizations consider abusive, and to point out that nine federal credit unions, including Louisiana FCU, still make the loans.
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