CUNA statement on NCUA PALs comment letter to CFPB

Jim Nussle, CUNA president/CEO:  “The CUNA/League system appreciates NCUA weighing in on this important matter and standing up for the needs of credit union members across the country. According to NCUA federal credit unions issued almost $125 million in PAL loans just in 2015, which showed an increase of 7.2 percent from the fourth quarter of 2014.  We agree with NCUA that the bureau should consider a complete PALs exemption in their final payday lending rule, so as not to impede this important growth and service to members. We also appreciate the NCUA’s recognition and education of the CFPB that other conditional exemptions and parts of the CFPB’s proposal are not workable for credit unions, and that the CFPB’s proposal needs reform to ensure that credit union members can continue to rely on credit unions for safe and affordable alternatives.”