Cordray calls Berger, discusses payday rule

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » In a phone conversation with NAFCU President and CEO Dan Berger after the CFPB’s final payday lending rule’s release, CFPB Director Richard Cordray noted the impact NAFCU’s advocacy had on the bureau’s rulemaking to lessen its potential negative effects on the credit union industry.While NAFCU is continuing to review the CFPB’s rule on payday lending – which is 1,690 pages long – to determine its overall impact, initial reviews indicate the bureau removed parts of the rule that would have negatively impacted credit unions’ ability to meet members’ needs for short-term, small-dollar loans.In particular, the final rule exempts all loans issued by credit unions in conformance with NCUA parameters for payday-alternative loans. It also contains other small lender exemptions and excludes provisions that posed the largest concerns regarding some longer-term lending.last_img

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