NCUA Really Wants To Expand Payday Lending Choices For Credit Unions, Consumers

NCUA Really Wants To Expand Payday Lending Choices For Credit Unions, Consumers

ALEXANDRIA, Va. (might 24, 2018) – Federal credit union users may have more choices for short-term, small-dollar borrowing under a guideline proposed today because of the nationwide Credit Union Administration Board.

The proposed rule (starts brand new window) would produce one brand brand new item besides the current pay day loan alternative (starts brand brand new screen) that’s been offered to federally chartered credit unions since 2010. The Board is requesting credit union stakeholders to touch upon a potential option that is third.

“The Board’s objective is always to assist individuals of modest car and title loans means by expanding usage of safe and affordable short-term, small-dollar loans,” NCUA Board Chairman J. Mark McWatters stated.

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