CUNA closely analyzing CFPB payday proposed rule
WASHINGTON, DC (June 2, 2016) — Following the release of the Consumer Protection Financial Bureau’s (CFPB) short-term, small-dollar loan proposed rule, President/CEO of the Credit Union National Association (CUNA) Jim Nussle released the following statement:
“Credit unions exist to meet the credit and savings needs of their members. Credit unions are proud of how they have engaged their members with short-term, small-dollar lending needs.
We believe that any rulemaking in this area should encourage credit union participation in this market, not impede it. In response to CUNA’s advocacy efforts, the CFPB has indicated that it aims not to include credit union products in this proposed rule. We are closely analyzing the 1,549-page proposal and, as needed, we will strongly advocate that CFPB reevaluate any aspects of its proposal that impact credit unions’ ability to serve their members.”
Immediately after the proposed rule was issued, CUNA contacted CFPB officials to provide a briefing for CUNA member credit unions.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
