NCUA Really Wants To Expand Payday Lending Options For Credit Unions, Customers

ALEXANDRIA, Va. (might 24, 2018) – Federal credit union people may have more choices for short-term, small-dollar borrowing under a rule proposed today by the National Credit Union management Board.

The proposed rule (starts window that is new would produce one new item besides the current cash advance alternative (starts brand brand new screen) that is offered to federally chartered credit unions since 2010. The Board is also asking for credit union stakeholders to touch upon a potential option that is third.

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

Read More