Payday alternative loan rule will create more alternatives for borrowers

The National Credit Union Administration Board held its eighth open meeting of 2019 at the agency’s headquarters on Sept. 19 and approved three items:

• A final rule allowing federal credit unions to offer an additional payday alternative loan option to members.
• A final rule to clarify the agency’s regulation covering required credit union supervisory committee audits and providing credit unions with additional flexibility in the audit process.
• A final rule updating, clarifying, and simplifying federal credit union bylaws.

The chief financial officer briefed the board on the performance of the National Credit Union Share Insurance Fund.

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