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NCUA Would Like To Expand Payday Lending Choices For Credit Unions, Customers

NCUA Would Like To Expand Payday Lending Choices For Credit Unions, Customers

Federal credit union users may have more alternatives for short-term, small-dollar borrowing under a guideline proposed today because of the nationwide Credit Union management Board.

The proposed rule (starts brand new screen) would create one brand brand new item as well as the current cash advance alternative (starts brand brand brand new screen) which has been open to federally chartered credit unions since 2010. The Board is also asking for credit union stakeholders to touch upon a potential option that is third.

“The Board’s objective would be to assist folks of modest means by expanding use of safe and affordable short-term, small-dollar loans,” NCUA Board Chairman J.