news.cuna.org/articles/110885-cuna-closely-analyzing-cfpb-payday-proposed-rule

CUNA Closely Analyzing CFPB Payday Proposed Rule

June 2, 2016

FOR IMMEDIATE RELEASE

Contact: Vicki Christner - CUNA Communications; 202-329-9950; vchristner@cuna.coop

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:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.