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The NCUA Doubles Amount Credit Unions Could Offer for Payday Alternative Loans

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The NCUA Doubles Amount Credit Unions Could Offer for Payday Alternative Loans

Regulatory, conformity, and litigation developments within the economic solutions industry

Home NCUA The NCUA Doubles Amount Credit Unions could possibly offer for Payday Alternative Loans

The National Credit Union Administration (NCUA) voted 2-1 to approve the final rule related to expanding payday alternative loan options (PAL II) at the September open meeting. Even though NCUA clarified into the last guideline that the PAL II doesn’t change the PAL we, the flexibleness associated with the PAL II can establish brand brand new possibilities for borrowers to refinance their payday advances or any other debt burden beneath the PAL II lending model. Significantly, though, credit unions might only provide one form of PAL up to a debtor at any moment. Continue reading…