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Board Proposes 2nd Payday Alternative Loan Option, Seeks ment for a third

Board Proposes 2nd Payday Alternative Loan Option, Seeks ment for a third

Board Action Bulletin

Share Insurance Fund Posts $33.1 Million Ine that is web in Quarter

ALEXANDRIA, Va. (might 24, 2018) The nationwide Credit Union administration Board held its fifth conference that is available of at the agencys mind workplace today and unanimously authorized two services and products:

The Financial that is main Officer the Board within the performance of the nationwide Credit Union Share Insurance Fund, which posted a web ine of $33.1 million to the quarter this is certainly first primarily as a result of strong investment ine earnings.

Brand Completely New Payday Alternative Loan Will Provide Federal Credit Unions 2nd Item

Federal credit unions may have a second payday alternative loan choice under a proposed rule (component 701) authorized by the Board.

The proposed payday alternative loan option will not replace the current payday alternative loan system (begins brand new display) , produced in 2010, but might be a certain product. This method may have features to assist federal credit unions meet specific demands of specific payday loan borrowers that aren’t met by the present system and provide those borrowers having a safer, less expensive alternative to old-fashioned payday loan.

Through the 4th quarter of 2017, 503 federal credit unions reported making payday alternative loans within the NCUAs present guidelines. By the end regarding the 4th quarter of 2017, federal credit unions held $38.6 million in payday alternative loans with their magazines.