Payday and Small Dollar Lending

Impact

The rule as originally proposed swept in a number of credit unions short-term, small-dollar loan products, and other products such as auto refinance loans.  Fortunately, in the final rule the Bureau of Consumer Financial Protection (BCFP) addressed many of CUNA's specific recommendations and concerns.

 

Where We Stand

Credit unions provide the safest and most affordable options for those in need of small dollar loans. Rules should be tailored to address predatory actors who abuse consumers. However, they should not inhibit credit unions from participating in this market and continuing to offer credit to members in need. 

What We've Told Lawmakers & Regulators
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Removing Barriers Blog
CFPB Issues Final Rule on Payday Lending

CUNA Advocacy | Jul 08, 2020

CFPB Releases additional Payday Proposal Materials

Chandler Schuette | Aug 19, 2019

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