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CUNA seeks comment on NCUA short-term loan proposal
WASHINGTON (5/17/10)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the National Credit Union Administration’s (NCUA) proposed plan to allow credit unions to charge a higher interest rate on short-term, small dollar loans. These short-term loans would be capped at a maximum interest rate of 10% above the NCUA's loan ceiling and would have a maximum amount of $1,000. The minimum amount for these payday alternative loans would be $200. The loans will not roll over, and credit unions would be permitted to charge late or default fees and a $20 per loan origination fee to cover costs. Comments are due to CUNA by June 25. Comments to the NCUA should be submitted by July 5. To view the CUNA comment call, use the link.


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