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Cornerstone, CUNA Closely Analyzing CFPB Payday Proposed Rule
Friday, June 3, 2016 6:45 AM

Following the release of the Consumer Protection Financial Bureau’s short-term, small-dollar loan proposed rule, president/CEO of the Credit Union National Association, Jim Nussle, released the following statement:

“Credit unions exist to meet the credit and savings needs of their members. Credit unions are proud of how they have engaged their members with short-term, small-dollar lending needs. We believe that any rulemaking in this area should encourage credit union participation in this market, not impede it. In response to CUNA’s advocacy efforts, the CFPB has indicated that it aims not to include credit union products in this proposed rule. We are closely analyzing the 1,549-page proposal and, as needed, we will strongly advocate that CFPB reevaluate any aspects of its proposal that impact credit unions’ ability to serve their members.”

Cornerstone Credit Union League encourages credit unions to send feedback to Suzanne Yashewski, SVP regulatory counsel, about the NCUA exam process and suggested changes at syashewski@cornerstoneleague.coop, or call 512-853-8516 or 800-713-4752, ext. 8516.