CUSO Reg Comment Letters Swamp NCUA
The NCUA will likely have much to consider as it reads through more than 280 comment letters that came in on the agency’s proposal to amend the CUSO rule.
“The [board] hasn’t decided one way or the other what it wants to do with the proposed CUSO rule amendments. Currently, it is taking the comment letters under advisement,” David Small, NCUA spokesman and assistant director of public affairs, told Credit Union Times in an email statement.
Since the center ran a report last year denouncing payday loans, it said the number of credit unions that offered them dropped from 58 to 24.
“This form of irresponsible lending creates a variety of compliance, safety and soundness and reputation risks for both the entity that makes the loans and any other entities associated with them,” the NCLC wrote.