MONTREAL – The Department ofDefense may reconsider a proposal that would have prevented somecredit unions from offering the NCUA’s small dollar loans to members.
NCUA Chairman Debbie Matz made the announcement Thursday morningduring her speech at NAFCU’s annual conference.
The DOD’s proposed regulation would cap smalldollar loans to military personnel at an annual percentagerate of 36% and include fees in that calculation. By itself, the36% cap is not new, but including fees in the calculation wouldforce many credit unions’ small dollar loans over the limit, Matzsaid in May during a speech to the Defense Credit Union Council’sOverseas Subcouncil in Dublin, Ireland.
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