A payday loan program offered by the $814 million Nevada FederalCredit Union has started to draw the attention of the mainstreampress.
USA Today picked up on the story of the Las Vegas-basedcredit union manipulating its use of fees in a payday loan programto avoid the 18% usury cap. Nevada Federal was named by theNational Consumer Law Center in a January letter to NCUA, which wasfollowed by an NCUA letter to federal credit unions on guidelinesfor payday lending alternative products.
Many credit union payday alternative loans really helpconsumers, said Lauren Saunders, the NCLC managing attorney quotedin the story, but others "are only marginally cheaper thantraditional payday loans."
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