The National Consumer Law Center and Consumers Union have urged the NCUA to crack down on what they charge are overly expensive credit union branded payday loan products.
The National Consumer Law Center has charged that certain credit union payday loan alternative products are little more than payday loans sold under a credit union label.
Does a payday loan alternative program have to be unprofitable to be good for members?
Some credit unions are still making small value, short term loans that they say are not payday loans, but really they still are, according to a report developed by the National Consumer Law Center.
Credit unions that help their members prepare and file their tax returns and then deposit their refunds in credit union accounts, are helping the members avoid losing millions of dollars in so called refund anticipation loans.