NAFCU supports CFPB delay of payday rule, removal of ability to repay portions
WASHINGTON, DC (February 6, 2019) — 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.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.