Payday Alternative Loan Rule Will Generate More Alternatives for Borrowers

Payday Alternative Loan Rule Will Generate More Alternatives for Borrowers

Board Action Bulletin

ALEXANDRIA, Va. (Sept. 19, 2019) – The National Credit Union management Board held its eighth meeting that is open of at the agency’s head office today and authorized three products:

  • A last guideline enabling federal credit unions to provide an extra payday alternative loan substitute for users.
  • A final guideline to simplify the agency’s legislation addressing required credit union supervisory committee audits and supplying credit unions with extra freedom into the review procedure.
  • A last guideline upgrading, making clear, and simplifying federal credit union bylaws.
  • The principle Financial Officer briefed the Board regarding the performance for the nationwide Credit Union Share Insurance Fund.

    Last Payday Alternative Loans Rule Provides Greater Flexibility

    Federal credit unions should be able to provide more payday alternative loan options under your final guideline (starts new window) authorized, 2-1, by the NCUA Board.

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    Why you need to avoid payday advances. Published by Salman Haqqi, Senior Private Finance Writer

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    Issues trying to repay an online payday loan. What you should do in the event that you can’t spend your loan back

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