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Board Proposes 2nd Payday Alternative Loan Option, Seeks ment on a 3rd

Posted by: funnytodd   
December 24th,

Board Action Bulletin

Share Insurance Fund Posts $33.1 Million Web Ine in Very First Quarter

ALEXANDRIA, Va. (might 24, 2018) – The National Credit Union management Board held its 5th available conference of 2018 at the agency’s head office today and unanimously authorized two things:

The main Financial Officer briefed the Board from the performance associated with nationwide Credit Union Share Insurance Fund, which posted a web ine of $33.1 million when you look at the very first quarter, mainly as a result of strong investment ine profits.

Brand Brand New Payday Alternative Loan Would Provide Federal Credit Unions Last Option

Federal credit unions might have a 2nd payday alternative loan choice under a proposed rule (component 701) authorized by the Board.

The proposed payday alternative loan option wouldn’t normally change the existing payday alternative loan system (starts brand new screen) , developed this year, but could be a product that is distinct. This system might have features to assist credit that is federal meet certain requirements of certain cash advance borrowers that aren’t met because of the present system and offer those borrowers by having a safer, less costly option to old-fashioned payday advances.

Through the 4th quarter of 2017, 503 federal credit unions reported making payday alternate loans beneath the NCUA’s current guidelines. At the conclusion regarding the fourth quarter of 2017, federal credit unions held $38.6 million in payday alternate loans on the publications. Read the rest of this entry »