SALT LAKE CITY — Frustrated by the state's restrictive state law on business lending and field of membership expansion, the Utah League of Credit Unions is now looking at a ballot initiative perhaps this fall to provide relief.
The concept of a public referendum "is speculative" and in the talking stage, stressed Scott Simpson, the president/CEO of the league. The last five years Utah CUs have tried to overcome a legislative clampdown on business loans and field of membership expansion, the result of a two-decade old bitter legislative and court battle with the banking lobby over CU taxation.
In comments appearing in the local media, Simpson said any public referendum might also contain consumer-friendly provisions putting caps on return check fees, ATM surcharges, and payday loan interest rates. It also would prohibit financial institutions from refusing to honor unused gift cards within a year of purchase.
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