Press
CUNA’s Nussle responds to CFPB payday lending proposal
WASHINGTON, DC (March 26, 2015) — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposed rules on payday lending. CUNA President and CEO Jim Nussle released the following statement:
“One of the goals of the founders of the American credit union movement was to create a system of cooperative finance that provided consumers with access to credit, including short-term, small dollar loans, on fair terms and rates. Therefore, CUNA supports the ability of credit unions to provide beneficial short-term, small loans as alternatives to predatory payday lending, which has no place in the financial marketplace.
“The extent to which credit unions will be able to continue to productively, efficiently and responsibly serve their members’ short-term, small dollar credit needs will be a key measure we use in evaluating these proposals. If the rule results in consumers having reduced access to credit from credit unions or if the access to credit is made more expensive by regulatory burdens imposed on credit unions which would be more appropriately targeted toward the abusers of consumers, it will have failed to adequately protect consumers.
“We are evaluating the proposals the Bureau released overnight, and we look forward to discussing them with our members, the CFPB and other policymakers.”
About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.