Payday Alternative Loan Rule Can Establish More Alternatives for Borrowers

Payday Alternative Loan Rule Can Establish More Alternatives for Borrowers

Board Action Bulletin

ALEXANDRIA, Va. (Sept. 19, 2019) – The National Credit Union management Board held its eighth meeting that is open of at the agency’s head office today and authorized three products:

The main Financial Officer briefed the Board regarding the performance regarding the nationwide Credit Union Share Insurance Fund.

Final Payday Alternative Loans Rule Provides Greater Flexibility

Federal credit unions should be able to provide more alternative that is payday choices under your final guideline (starts brand brand new window) authorized, 2-1, by the NCUA Board.

“The PALs II guideline is a free-market solution that reacts into the requirement for small-dollar financing when you look at the marketplace,” NCUA Chairman Rodney E. Hood said. “This could make a positive change by assisting borrowers build or repair credit documents, permitting them to graduate with other conventional products that are financial. (mais…)

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