After more than a year of hand wringing, credit union officialssaid Friday that the CFPB's payday loan rules will affect creditunions far less than they had feared.
“Overall, based on our initial analysis and a conversationbetween Director Cordray and NAFCU CEO Dan Berger, the rule willnot impact credit unions nearly as much as what was anticipated,”said Michael Emancipator, NAFCU's senior regulatory affairscounsel.
He added, “This final rule resolves a long-standing cloud thathas been lingering over the industry's head since the bureauinitially outlined the rule in 2015.”
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