Removing Barriers Blog

CUNA Letter to CFPB Re: Rulemaking on Payday lending
Posted June 01, 2015 by CUNA Advocacy

CUNA sent a letter to the CFPB today regarding the Small Business Advisory Review Panel for rulemakings for payday, vehicle title and similar loans as required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). We expressed concerns that any additional regulatory burden could have an effect on credit unions who participate in the NCUA’s payday-alternative loan (PAL) program and cause them to reevaluate their participation in the program. We also noted that NCUA itself has recognized this potential increased burden recently.