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NAFCU supports CFPB delay of payday rule, removal of ability to repay portions

National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the Consumer Financial Protection Bureau (CFPB) reissued its final payday lending rule:

“We are pleased that the CFPB is going to delay the payday rule for further consideration,” said NAFCU President and CEO Dan Berger. “NAFCU supports the removal of problematic ability to repay portions of the rule, but we also want to ensure, that going forward, the egregious practices of certain payday lenders are addressed.  Credit unions provide many forms of small-dollar loans and other affordable products to their members, and NAFCU urges all consumers to consider a credit union for their financial needs.”

NAFCU

We provide credit unions with the best federal advocacy, education and compliance assistance in the industry. The National Association of Federally-Insured Credit Unions (NAFCU) is a direct membership association for federally insured credit unions. We are committed to representing, assisting, educating and informing our member credit unions to help them grow, and help grow the credit union industry. Over the years we have been able to build on our foundation, growing stronger with our members and steadfast in our beliefs and focus: providing unwavering federal advocacy, top-rated education, one-of-a-kind compliance assistance and supreme responsiveness. Why? Because we believe credit unions are the best and they deserve the best.  

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