ALEXANDRIA, Va. (May 24, 2018) – Federal credit union people may have more alternatives for short-term, small-dollar borrowing under a guideline proposed today because of the National Credit Union management Board.

The proposed rule (starts window that is new would produce one brand new item aside from the current cash advance alternative (starts brand new screen) that is offered to federally chartered credit unions since 2010. The Board is asking for credit union stakeholders to touch upon a potential 3rd option.

“The Board’s objective is always to assist folks of modest means by expanding usage of safe and affordable short-term, small-dollar loans,” NCUA Board Chairman J. Mark McWatters stated.

“Federal credit unions have experienced an alternative that is payday choice since 2010, which has been very efficient. Now, you want to produce extra possibilities.”

“Providing affordable credit and assisting members develop monetary security may be the extremely foundation for the credit union system,” NCUA Board Member Rick Metsger stated. Continue reading →