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.”
CUNA statement on NCUA PALs comment letter to CFPB
America’s Credit Unions is the unified voice for not-for-profit credit unions and their more than140 million members nationwide. America’s Credit Unions provides strong advocacy, resources and services to protect, empower and advance credit unions and the people and communities they serve. For more information about America’s Credit Unions, visit AmericasCreditUnions.org.
Contact
Molly Safreed
Director, Media Relations
America's Credit Unions
Cell: 571.328.0968
msafreed@americascreditunions.org
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