Florida Coalition Backs Predatory Lending Education

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The Florida CU League has joined with a coalition of groups in the state backing a statewide campaign aimed at educating people about predatory lenders. Also involved are Florida's Chief Financial Officer, Tom Gallagher, various consumer groups, and other financial services providers. Credit unions were represented at a news conference announcing the campaign by Ray Cromer, president of the $162.8-million Envision CU. Tallahassee, Fla.

The campaign includes public service announcements on radio and television. Public forums also will be sponsored in several Florida cities during the next few months. "Credit unions originally were formed to fight unfair lending practices," said Cromer. "It is only fitting that we continue to fight and join with CFO Gallagher in his campaign to educate the public."

In 2002, the Florida legislature passed the Florida Fair Lending Act, which places restrictions upon so-called predatory lending practices.

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