For two years, the credit union industry waited with great trepidation as the CFPB considered how to regulate the short-term lending industry.
But the new rule, issued this month, will allow the credit union industry to continue to make short-term loans if they use a model developed by the NCUA.
"Overall, based on our initial analysis and a conversation between Director Cordray and NAFCU CEO Dan Berger, the rule will not impact credit unions nearly as much as what was anticipated," Michael Emancipator, NAFCU's senior regulatory affairs counsel, said.
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