Credit unions prepared to respond to federal guidance on small-dollar lending amidst COVID-19
WASHINGTON, DC (March 26, 2020) — Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation, (FDIC), National Credit Union Administration (NCUA) and Office of the Comptroller of the Currency (OCC) released a joint statement encouraging credit unions to offer responsible small-dollar loans to consumer and small business members.
“Emergencies like the COVID-19 pandemic are when credit unions’ not-for-profit model is on full display. We have a strong history of stepping up for our members in times of emergency, providing low- and no-interest short term, small dollar loans to help folks weather such uncertain times. All across the country, credit unions are working with members to provide new alternatives to abusive payday lenders and support their communities.”
To see example of credit unions providing these alternatives, please visit http://americascreditunions.org.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.