adminThe Consumer Financial Protection Bureau (CFPB) recently proposed a comprehensive rule for payday, small-dollar and other covered loans. While CUNA supports efforts to curtail predatory lending practices, the proposed rule is far wider in scope, and includes new requirements impacting consumer-friendly, small-dollar lending operations at both state and federally chartered credit unions. The proposed rule also could sweep in products and services not even comparable to small-dollar loans, such as auto refinances.
CUNA is raising awareness that if the proposal goes into effect, credit unions would need to comply with a series of new requirements and restrictions. It’s important to learn more about CUNA’s CFPB Payday, Small Dollar and Vehicle Title Proposed Rule webinar, July 6 at 1 p.m. CT. This webinar is free for all affiliated credit unions, but registration is required.
In this one-hour session, CUNA’s regulatory attorneys will provide viewers with an overview of the proposed rule’s key provisions and explain their potential impact on credit unions. Viewers also will learn actionable steps to prepare for the comment period, as well as other ways they can get involved with advocacy efforts to reduce the proposal’s impact. To register, click here.
