The CFPB issued its long-awaited payday lending rules Thursdayand they specifically exempt loans modeled after the NCUA payday alternative loanprogram, regardless of whether the loan is made by a bank or creditunion.
“The loans currently offered by federal credit unions appear tobe substantially safer with regard to risk of default, reborrowingand collateral harms from unaffordable payments than manyalternative products on the market today,” the CFPB said.
The CFPB conducted a field hearing on the proposed rules onThursday in Kansas City, Mo.
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